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Saffron Building Society comment on SDLT Holiday Extension

Tony Hall, Interim Head of Mortgage Sales at Saffron Building Society responds:

"It's hard to know whether the SDLT holiday has been successful at this stage, but it has allowed intermediaries the opportunity to maintain strong business in what could have been a very damaging year for the property market.

“The extension shows that the Chancellors team have spoken to the legal entities and influential people in the market to understand what needed to be done. Essentially, he has brought those who have an application in place and is in the process, the time that they need to complete their purchase and still take advantage of the holiday. We also welcome the gradual return of the duty level mentioned by the chancellor.

“It is good for lenders - and other companies in the chain - as some have been forced to concentrate on their SDLT holiday applicants which is delaying those who are resigned to paying the duty, which can be a real headache for intermediaries and their clients. Hopefully, this additional time will allow all applicants to be treated equally and see some stability in the market going forward.”

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Published: 03 March 2021