ao link
0 £0.00
This item was added to your basket
Credit Strategy homepage
Intelligence, Insight and community for responsible professionals in credit

Majority of brokers want stamp duty holiday extension

Two thirds of brokers would support extending the current stamp duty and land tax holiday beyond its 30 June deadline, according to research from mortgage tech platform Twenty7Tec.

In a survey of its 14,000 broker clients, 49% replied they would ‘absolutely’ support an extension to the holiday with 9% answering ‘probably’.


In contrast, 14% responded they would ‘definitely not’ support an extension with 15% preferring to answer, ‘probably not’. The remaining 12% were neutral.


To boost the housing market, Chancellor Rishi Sunak lifted the threshold for stamp duty liability to £500,000 on 8 July 2020.


This was due to end in March but then extended to 30 June 2021. After that date, the nil-rate threshold drops to £250,000 and first-time buyer relief resumes.


First-time buyers do not have to pay any stamp duty on the first £300,000 of their property purchase, paying only 5% of the amount above that but under £500,000.


This stamp duty holiday is due to end entirely on 1 October 2021 when the nil rate band threshold will revert to £125,000.


Those supporting a further extension to the 30 June deadline gave explanations such as to better relieve pressure on solicitors and to keep the market buoyant.


Conversely, those who responded they would not want an extension explained they wanted a normal buying situation to return, warning the short-term demand and house price inflation will inevitably drop once it’s over.


“Beyond the headline statistics, there’s a real split in brokers’ opinion about whether to extend and why,” said Niki Cooke, head of intermediaries at Twenty7Tec. “Was the tax relief programme a success? Well, it definitely kept the market moving in what were challenging circumstances.


“But brokers are now asking the biggest of questions: ‘Should we have stamp duty tax at all for average priced houses?’ and ‘How do we make sure that we treat people fairly who would otherwise miss the June 30 deadline?’ Those are the challenges for the Chancellor over coming days.”

Please login to continue reading this article.

Not a member?

Become a member

FREE registration. No credit card required

Register now
  • Stay up-to-date with industry news and appointments
  • Hear about events first
  • Read 1 free Premium article per month

Become a premium member

From as little as £3.48 per week

Become Premium
  • All the perks of a standard member plus:
  • Access to the entire Credit Strategy website
  • 12 months subscription to Credit Strategy Magazine
  • 25% discount to all conferences
  • Exclusive access to Premium Member only roundtables
  • 50% off award entry fees



Phillips & Cohen launches new data management platform

Phillips & Cohen launches new data management platform

Women in Credit 2021 shortlist confirmed

Women in Credit 2021 shortlist confirmed

FCA action taken against debt packagers

FCA action taken against debt packagers

Upcoming events

Credit Strategy
LinkedIn page

Member of

Did you find our website useful?

Thank you for your input

Thank you for your feedback – an online news and information service for the UK’s commercial and consumer credit industry. is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace. @ Copyright Shard Media Group