Home buyers might find themselves facing an unexpected tax bill according to experts as the end of the stamp duty is set to expire the end of March. Approximately 100,000 home buyers are facing delays that could put them past the deadline and therefore facing an expenditure they were trying to avoid. It is unknown at this time if the holiday will be extended. The tax relief has helped in boosting interest in the housing market and without it a lull in the built up momentum of home buyers will surely occur.

Because of the expected fall in demand from buyers due to the end of the stamp duty holiday home sellers are keen to make a deal the hopeful buyers cannot ignore and are lowering their asking prices. According to Rightmove, asking prices dropped by 0.9% or £2,887 in the past month.

The inability to save with the stamp duty holiday shuts buyers out of the range of properties that the savings could have allowed. The tax can be an important savings for buyers, especially first time buyers. 

The tax savings along with cheaper buying due to lower interest rates brought out hopeful home buyers despite the uncertainty of the pandemic impact on the economy.

The housing market has surprised even the most optimistic expert during the pandemic. However, with the stamp duty disappearing, it is expected the number of buyers will diminish with demand and bring a chill to the market. There is a possibility that the stamp duty holiday could be extended and the housing market will continue its strong resilient response against the pandemic’s impact on the UK economy. The days ahead will bring the much anticipated response as to whether the benefit will end or continue.