Comment: Market will thrive with or without stamp duty extension

Following the debate in parliament yesterday on an extension to the stamp duty holiday, John Phillips, national operations director, Just Mortgages and Spicerhaart, said, “Despite frequent calls in the parliamentary debate to extend the stamp duty holiday deadline, doing this would be welcome but I guess would only create the same issues further down the line.

“There has been talk of a cliff edge as we near 31st March, however while the stamp duty holiday has undoubtably spurred some people into action, the market has not been driven by it. People will still want to move homes.

“The latest lockdown will increase savings in the same way the first one did. With these increased savings, those working from home may be looking for an extra bedroom to convert into an office. Also, with the need to commute reduced, people may be looking to move out of cities and away from the office.

“While we understand the calls to extend the deadline, we expect the market to continue to thrive regardless of whether the holiday is extended.”