Over three quarters of buyers want stamp duty holiday extended

An estimated 79% of buyers would like for the stamp duty holiday to be extended, according to data from Ascend Properties.

The research also shows that over half (51%) want an extension for the whole market, while 28% think it should be restricted to delayed sales having offers accepted before the original March deadline.

Overall, 71% would like to see land tax scrapped altogether.

Despite the majority of buyer wishing to see tax removed, 52% outlined that it was not the reason behind their purchase.

A further 36% said they were already in the process of moving when it was introduced, however 12% described it as important to the purchase.

So far, 61% of buyers have managed to complete and save on stamp duty.

Looking to those who are still in the process of completing, 34% were unphased by an extension.

Meanwhile, a quarter said that delays on their purchase would cause them to miss the original deadline, so an extension would see them save.

However for 40% of buyers, a potential extension could have a far more significant impact on their purchase.

The data shows that 20% stated their sale is likely to fall through if there is not an extension, and 20% said they would call off their current sale to look for a different property if more time is granted on the current stamp duty deadline.

Ged McPartlin, managing director of Ascend Properties, said: “The stamp duty holiday has been a success for buyers able to complete in time to secure a saving.

“However, it’s also caused an enormous backlog of sales due to the industry becoming overwhelmed by the sheer volume of buyers entering the market.

“We can unequivocally say that a deadline extension will benefit more homebuyers should it materialise on Wednesday.

“At the same time, it’s also likely to exacerbate the current issues of extended purchasing times.

“While many would like to see it happen, a stamp duty saving isn’t the primary driving force behind the intent to purchase, so you have to question whether an extension is worth the many additional months of transactional delays that it is likely to cause.”