A petition launched earlier this month for the stamp duty holiday to be triggered upon exchange of contracts, rather than completion, has attracted more than 10,000 signatories. The petition, which was started last month by an individual who is looking to take advantage of the existing stamp duty holiday, has proved popular with buyers and sellers, as well as agents, conveyancing solicitors, mortgage lenders and surveyors.
Chris Holland, who created the petition, told EYE: 'People are finding themselves becoming trapped in a scenario whereby house prices are much higher and at the same time they will now miss out on the stamp duty holiday. People are being punished financially from both sides, this from a policy that was designed to do the exact opposite. Exchanging contracts is exactly what it says. A contract, a legally binding agreement, to purchase a house often with an immediate 10% deposit being paid. So why shouldn't you benefit from the stamp duty holiday being triggered at that moment of exchanging contracts, rather than at the point of completion? This will allow in particular particularly new build buyers, with continuous building delays due to Covid-19, to benefit from this policy'.
Reaching 10,000 signatures means the government must now respond to Mr Holland's petition.
The chancellor Rishi Sunak previously bowed to pressure and eventually extended the stamp duty holiday beyond 31st March, amid concerns that thousands of buyers could fail to complete before the deadline.
Petitions posted on Westminster's official petition.parliament.uk site are considered for a debate in parliament if they accrue more than 100,000 signatures.
Property Industry EYE