Three quarters of brokers think stamp duty holiday should be extended
The most recent Shawbrook Broker Barometer examines broker sentiment around the stamp duty holiday
Two months ahead of the stamp duty holiday deadline, Shawbrook Bank’s latest Broker Barometer* has revealed that three quarters (75%) of commercial brokers think the holiday should be extended past March 2021.
The research also found that 86% of brokers supported the stamp duty holiday when it was introduced in July 2020.
When asked about the top impacts the stamp duty holiday has had, brokers reported positive outcomes, stating that they had seen increased investment in the property market (63%) and resilient property prices (33%).
Looking ahead to what brokers anticipate will be the biggest impact of the stamp duty holiday ending, over half (54%) said that transactions would not be complete by the deadline, whilst 43% said there would be a backlog of work during Q1 of this year.
Reduced investment in the market (41%) and falling property prices (34%) were also outlined as predicted outcomes once the stamp duty holiday expires.
Emma Cox, pictured, Sales Director of Property Finance at Shawbrook Bank comments:
“The announcement of the stamp duty holiday in the summer last year has no doubt had a hand in helping to release pent up demand and get the housing market moving again.
As investors seek to make the most of the holiday ahead of the deadline, it is understandable that brokers are reporting these positive outcomes as a result.
At Shawbrook we are aware that there are still brokers who will be facing challenges, and that the next few months are likely to be busy for many.
Our teams are prepared to deal with an increase in activity, but we recommend applications that seek to take advantage of the holiday are submitted as soon as possible.
It is a very busy time for the property market, which is why it remains crucial for lenders to continue to work closely with brokers over the coming months.”