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The Chancellor is considering extending the stamp duty holiday for a short period according to a newspaper report.
The Daily Telegraph, quoting an unnamed government source, says Rishi Sunak may extend the March 31st deadline by six weeks to mid-May, to avoid tens of thousands of fall throughs and what it calls a "completion trap".
"It is certainly the case that a lot of people would be caught in the completion trap if the holiday were to end when it is due to" the source tells the Telegraph.
There is no mention of what would happen to buyers whose transactions are now underway but may not complete even by mid-May. Sunak has apparently dismissed calls for a longer, six month extension because of the damage that would do to tax receipts at a time when the government is seeking to recoup lost income.
Officially the government does not make fiscal announcements outside of major events such as the Budget, scheduled for March 3rd.
However, the Telegraph is closely aligned with government thinking and has given advance information on new policies in the recent past. The paper has also mounted a strident campaign in recent weeks in favour of an extension to the stamp duty holiday.
The government yesterday confirmed that another March 31st deadline - for buyers using the current Help to Buy equity loan scheme in England - would be extended.
Homes England, the government body presiding over the scheme, announced it would extend the deadline until May 31st for new build completion and purchase, to give buyers and house builders more time.
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Front gardens are getting greener as plant-loving Britons break with the trend for paving and gravel, a survey found.
Twice as many people now say the area in front of their home is entirely planted up, compared with five years ago, according to a poll for the Royal Horticultural Society.
If replicated countrywide, almost 40 square miles of plants, trees and grass has been created since 2015.
The RHS say that front gardens can improve mental and physical health, help wildlife, conserve rain water, improve air quality and cool cities during summer. Front gardens also create kerb appeal for prospective buyers.
The Royal Horticultural Society said it hopes a surge in interest during the pandemic can help fill gardens with plants. Nearly half of people with gardens said they spent more time in it during the spring lockdown and more than a quarter bought more plants.
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House prices last month fell for the first time since June as the market approaches the stamp duty cliff edge.
The average price of a property dropped by 0.3 per cent since December to £229, 748. This brought the annual growth rate down to 6.4 per cent from 7.3 per cent, according to Nationwide.
The downturn will pile pressure on Chancellor Rishi Sunak to extend the stamp duty holiday, which ends on March 31st. It comes after MPs warned on Monday that property sales worth billions were at risk of collapse as the deals may not be completed in time.
But experts said the dip was merely 'a dab on the brakes' following a period of frenzied activity. Robert Gardner of Nationwide said families were still looking for more living space and this demand will support the market. But he added that if the stamp duty holiday ends as scheduled, the market could fall 'sharply' in the coming months.
Around 100,000 buyers are set to miss the stamp duty holiday deadline, warned Rightmove. And a quarter of them will not continue with their purchase, claimed mortgage lender Paragon.
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The property industry is to get its parliamentary debate on a Stamp Duty holiday extension after the Petitions Committee announced that MPs will be able to debate the popular e-petition on 1st February via a virtual debate.
This had originally thought to have been delayed after Jacob Rees-Mogg announced that the chamber in which e-petitions with more than 100,000 signatures can be debated was to be closed 'until further notice' due to Covid.
The Stamp Duty petition in question, which has been signed by over 125,000 people so far, asks for a six month extension to the Stamp Duty holiday for homes foe sale under £500,000.
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Highest numbers for the month of December were recorded in the Housing Market Report for house hunters and sales agreed per estate agent branch.
Despite a fall of 41 per cent of the number of people looking to buy, the figure reported was the highest since December 2016, with people trying to take advantage of the stamp duty/LTT/LBTT holiday deadline.
The number of prospective buyers registered per estate agent branch stood at 348, down from 580 in November. This is the lowest number recorded since May, when the property market first re-opened, but the highest December figure since 2016.
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