Stamp duty holiday: the ramifications for contractors once it ends

Stamp duty holiday: the ramifications for contractors once it ends

The housing market has fared unexpectedly well since the first coronavirus lockdown ended.

But today, contractors and other individuals looking to buy property face three factors that threaten an extended run of confident home-purchasing, writes John Yerou, chief executive of Freelancer Financials.

 

These threats are -- the stamp duty holiday ending on March 31st 2021; punitive measures from lenders and thirdly, housing/banking capacity. Each carries a different weight of restriction on the contractor community. So just as the unwelcome news of fewer properties coming onto the market breaks, let’s assess this triple threat and outline what contractors might do to mitigate it.

Stamp duty holiday scheduled to end soon

For four months in a row over last summer, house prices dropped. As a result, government income dropped. With the future then so uncertain, the government needed to reverse that trend.

 

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