London developer extends stamp duty holiday to October
London developer Galliard Homes has extended the stamp duty holiday by six months, with the property company footing the bill.
The company has extended the holiday to 1 October, while the official government tax break ends on 31 March, amid industry-wide calls for the deadline to be delayed.
Galliard Homes said the extension, which applies to all properties priced up to £500,000, will allow buyers to save up to £15,000.
For properties priced above the £500,000 limit, Galliard Homes will cover the first £15,000 in stamp duty with the buyer paying the remaining balance.
Nine of Galliard’s current developments – in Southwark, Ealing, Romford, Docklands, Leyton Southall, Wimbledon and Chelmsford – qualify for the extension.
Property experts have called on the government to extend the stamp duty holiday deadline to be extended to help the UK housing market sustain momentum throughout the end of the crisis.
Chancellor Rishi Sunak is facing mounting pressure to delay the cut off date, particularly over fears that many ongoing transactions will not complete in time due to Covid-19 delays.
According to estimates by property platform Rightmove, 100,000 sales will miss the deadline if it is not extended beyond 31 March.
Galliard Homes sales director David Galman said: “The current government deadline has created somewhat of a bottleneck for the buying process, with reports of huge delays on purchases, so our extension allows buyers to secure their dream home with us without the stress of needing to complete this March.
“ If the government does decide to reconsider the cliff-edge deadline approaching that will be a huge boost but for now our customers can buy with confidence knowing their stamp duty savings are guaranteed with us for an additional six months.”