Without tapering the stamp duty holiday deadline the ‘cliff edge’ will simply be moved, according to Jonathan Stinton, head of intermediary relationships at Coventry Building Society.

He said: “If there is no taper to the end of the holiday, the cliff edge is just being moved and not removed, and we could well see the same problems facing a different group of buyers in three months’ time.”

It was reported on 24 February that Chancellor Rishi Sunak intends to announce a three month extension to the tax holiday during the Budget on 3 March.


One in five of FTB property deals fell through in the past year

The rumoured extension would bring the end of the tax break in line with the easing of lockdown restrictions in the UK.

Stinton said: “Extending the stamp duty holiday would be welcome news to buyers as many will be worried about the potential tax bill they face if their purchase does not complete in the next few weeks.

“The good news is the Chancellor will not only be aware of this problem, but he also has a perfect opportunity to solve it.”

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