As part of the national effort to stimulate the economy and the housing market during the Covid-19 pandemic, and as part of the ongoing push to help first-time buyers get on the property ladder, the South East and London specialist Aitch Group will match Rishi Sunak’s Stamp Duty saving.

The Chancellor, reacting favourably to extensive lobbying by the property industry on behalf of prospective buyers, has today confirmed the rumours that he would extend the Stamp Duty holiday for another three months.

The tax break has boosted home sales across the UK and prevented a collapse in the property market since it was introduced last July in his emergency Summer Statement but was due to end on 31 March 2021. To prevent a decline in transactions, this deadline has been lengthened to the end of June 2021.

As a result, buyers will not pay any Stamp Duty on the first £500,000 of their new homes at the Aitch Group’s Eagle Wharf Road in Hoxton, London, and The Old School House in Chobham, Surrey, but in addition, the developer is matching the amount that it would have cost as a further incentive. Above the £500,000 threshold, this equates to a £15,000 saving in Stamp Duty and therefore a further £15,000 saving thanks to Aitch Group matching the tax handout. This provides buyers with a double Stamp Duty saving on their new home, the offer applying to properties that will legally complete before or by the end of June 2021.

Henry Smith, Chief Executive Officer of Aitch Group, commented: “We welcome the extension in its fairness as it addresses the fact that the conveyancing and property transaction system was overwhelmed by the wave of demand that hit after the first national lockdown, and kept on coming. This has created a backlog of transactions, many of which will have been delayed and could have unfairly missed the original deadline.

“However, we want to help oil the wheels further for buyers during this lengthy period of financial instability by offering a double stamp duty saving until the end of the extension,” he continues.

“When the time comes to end the extension, we hope that the Chancellor will consider a way to taper off the Stamp Duty holiday, bringing the saving down gradually to ensure that there is no cliff edge of transactions and the country can continue to feel the positive economic impact that is generated by the house moving industry that is so vitally important at this time,” Mr Smith concludes.

The substantial double Stamp Duty discount is available on the final two apartments at Aitch Group’s Eagle Wharf Road development, which start from £750,000.

For more information, contact Aitch Group.