Almost 20,000 people have signed a petition calling on the Government to extend the current stamp duty holiday.
The scheme is due to end on March 31, 2021, but many want the extra help to homebuyers to continue for a further six months after that.
Under the stamp duty changes announced in the summer, homebuyers in England and Northern Ireland do not pay any tax on homes up to £500,000. This applies whether you are buying your first home or have owned property before.
The petition states: “Extending the stamp duty holiday for an additional six-months will assist many buyers who are looking to move to a property that they will not be able to afford otherwise. This will help to stabilise the housing market.”
The petition’s creator, who is looking to move into a new build scheduled to complete at the start of March 2021, wrote: “If this build is delayed past 31 March 2021 then I will not be able to afford the stamp duty so will not be able to afford the house.”
As the petition has attracted over 10,000 signatures, it will trigger a government response, although 100,000 signatures are needed for it to be debated in Parliament.
The average stamp duty saving is estimated at £4,500, with an expected nine out of ten buyers this year now paying no stamp duty at all on purchases. It was set to cost the exchequer £3.8bn, documents revealed.