An extension to the stamp duty holiday would only delay the impact of its conclusion, according to John Phillips, national operations director, Just Mortgages and Spicerhaart.
An extension to the stamp duty holiday would only delay the impact of its conclusion, according to John Phillips (pictured), national operations director, Just Mortgages and Spicerhaart.
He said: “Despite frequent calls in the parliamentary debate to extend the stamp duty holiday deadline, doing this would be welcome, but would only create the same issues further down the line.”
After a petition which called for a six-month extension to the stamp duty deadline was signed by almost 140,000 individuals, MPs were required to debate the decision.
The debate took place on 1 February and proved ultimately inconclusive, however MPs lent towards a tapering of the deadline.
Phillips said: “There has been talk of a cliff edge as we near 31 March, however, while the stamp duty holiday has undoubtably spurred some people into action, the market has not been driven by it. People will still want to move homes.
He went on to say that the latest lockdown will increase savings in the same way the first one did.
Phillips added: “With these increased savings, those working from home may be looking for an extra bedroom to convert into an office.
“Also, with the need to commute reduced, people may be looking to move out of cities and away from the office.
“While we understand the calls to extend the deadline, we expect the market to continue to thrive regardless of whether the holiday is extended.”
