Express.co.uk express.co.uk 14 Jan, 2021 10:30 am

Ending stamp duty could force tsunami of deals to collapse in chaos, housing experts warn

Ending stamp duty could force tsunami of deals to collapse in chaos, housing experts warn
ENDING the stamp duty holiday could force a 'tsunami of deals' to collapse in chaos, housing experts have warned.

” In July, Chancellor Rishi Sunak raised the threshold for paying the levy in England and Northern Ireland from £125,000 to £500,000, meaning nearly 90 percent of property purchases are currently tax free.Chancellor raised the threshold for paying the levy from £125,000 to £500,000 in July A drop on this scale would likely show up in the UK’s GDP (gross domestic product).“Any property transactions that aren’t well under way by now will probably not complete before the stamp duty deadline.If the Chancellor really does stop the stamp duty holiday, I think chaos will ensue.

” The Treasury said: “The temporary stamp duty cut is helping to protect hundreds of thousands of jobs that rely on the property market by stimulating economic activity.TV star Phil Spencer, of Location, Location, Location, said: “There is a big tsunami of deals building up.

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