Rishi Sunak considers a six-week extension of stamp duty holiday

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The Chancellor is considering extending the stamp duty holiday by six weeks, the Daily Telegraph reports, in a move designed to prevent tens of thousands of buyers from walking away from sales and purchasers have set their hearts on. The decision to raise the threshold for paying stamp duty from £125,000 to £500,000 last July was taken to bolster the economy and hopefully prop up the housing market. House prices have risen as a result and a conveyancing backlog that solicitors have been reporting now mean buyers are waiting months to complete. Rishi Sunak is looking at a limited extension through to mid-May which would help to alleviate fears that sales risk falling through after the March 31 deadline expires but is said to oppose calls for a long six-month extension due to the “gratuitous” impact this would have on tax receipts.

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