Rumoured six week stamp duty holiday extension could save buyers up to £1 billion

Rightmove logo

Rightmove estimates that if the rumour the government may extend the stamp duty holiday deadline by six weeks came true it would mean between 120,000 and 160,000 additional property transactions in England could benefit from the tax saving.

If 160,000 transactions made it through, buyers could save a huge £1 billion in total.

The projection is based on the number of property transactions that completed each month in England between September and December last year, according to data from HMRC.

The extension would also mean the vast majority of sales that were agreed by the end of 2020 would complete in time to save on stamp duty. There are an estimated 412,000 sales still currently in the legal process that were agreed last year across Great Britain.

Currently, Rightmove estimates that 100,000 buyers who agreed a purchase last year are set to lose out, if the deadline stays as 31st March.

Due to the nature of the conveyancing process there will be edge cases still unable to complete in time, but it would come as a welcome relief to many of those desperately trying to get their purchase through the logjam.

Rightmove’s property expert Tim Bannister said: “We know the stamp duty holiday was intended as a temporary stimulus for the market, but the delays we’ve seen in the home-moving process have been through no fault of the buyers and sellers who agreed a sale last year and who are now desperately trying to get their deals over the line. The delays have been a result of the huge number trying to go through, along with the many challenges of the people involved in the process working from home. If there was a six week extension it should give the majority of the sales from last year the chance to complete in time.”

Rightmove

UK Property news updates shared directly from Rightmove PLC - the country's leading property portal.

You May Also Enjoy

Estate Agent Talk

Got a New Home in Nelson UK? Explore Stylish Furniture for Every Corner

Moving into a new home is always exciting, and if you’ve just settled down in Nelson, UK, now is the perfect time to furnish your space with stylish, functional, and long-lasting pieces. At AH Interiors Nelson, we bring you a wide range of modern and classic furniture that makes every corner of your home truly…
Read More
Breaking News

Annual house price growth steady in September

Annual rate of house price growth of 2.2% in September, similar to 2.1% seen in August Northern Ireland remained the top performing area with annual house price growth of 9.6% Outer South East weakest performing region, with 0.3% year-on-year rise   Commenting on the figures, Robert Gardner, Nationwide’s Chief Economist, said: “The annual pace of…
Read More
Rightmove logo
Breaking News

Rightmove launches Online Agent Valuation to help agents connect with more vendors

Rightmove, the UK’s largest property platform, launches Online Agent Valuation, a new product for agents designed to give them more ways to reach prospective vendors. The consumer innovation delivers quality leads by connecting agents with home-owners who are serious about moving, but who would prefer to get a valuation from a local agent online. Rightmove…
Read More
Breaking News

September sees highest number of homes listed this year

September brings post-summer surge in home seller activity, with highest number of homes listed so far in 2025 The latest internal data from eXp UK has shown that September has delivered a notable surge in market activity, with the firm recording an average of 81 new properties listed every day over the course of the…
Read More
Estate Agent Talk

Looking into Colin Horan: A Trusted Estate Agent in Irish Real Estate

In the competitive and often unpredictable realm of Irish property, one name stands out above the rest: Colin Horan. With a sterling reputation forged over years of committed service, strategic insight, and unwavering ethics, Colin distinguishes himself as a trusted partner for buyers, sellers, and communities alike. This read delves into his background, philosophy, approach,…
Read More
Breaking News

Breaking Property News 02/10/25

Daily bite-sized proptech and property news in partnership with Proptech-X.   LettingaProperty now ranked #16 in BusinessCloud’s PropTech 50 for 2025  LettingaProperty.com, an online lettings platform, has been ranked #16 in BusinessCloud’s PropTech 50 for 2025 — a list of the most innovative technology firms reshaping property in the UK. The company earned its place for…
Read More