The government’s stamp duty holiday is having the desired effect, but people looking to take advantage need to move fast, according to Phoebus Software.

Commenting on the UK Finance Household Finance Review for Q2 2020, Richard Pike (pictured), sales and marketing director at Phoebus Software, said: “Looking back we can now see the full impact that the lockdown had on the housing market.

“There are no real surprises; it hit our sector hard and so too the finances of homeowners across the country.

extension of mortgage payment holidays

Industry reacts to extension of mortgage payment holidays

“With the recent rebound in the housing market it’s now time to look to the future.”

With rising house prices and a market becoming increasingly advantageous for sellers, buyers might find themselves facing issues that hinder their ability to make the most of the stamp duty holiday.

Pike added: “The stamp duty holiday is obviously having the effect that the government intended, but other factors are at play.

“Rising house prices mean rising deposits and a definite need for higher [loan-to-values (LTVs)].

“Although higher LTV lending is still taking place, deposits are being supported by family assistance much more and this is playing a huge role in getting people onto the property ladder.

“This could mean a further increase in equity release lending in the coming months.

“The clock is ticking, and for people to take advantage of the stamp duty holiday – they do need to move fast in this seller’s market.”