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Stamp duty changes, what does it mean?

On Monday 1st February, the MP’s attended a virtual meeting to discuss the possibility of extending the stamp duty.

Stamp duty is the tax which is added onto the sale of a house. This had been paused because of the pandemic to help first time buyers purchase a property.

In the meeting, labour and Conservative MPs have expressed a unanimous view on their desire to see an extension of the stamp duty holiday, but the government is staying tight-lipped about any change of heart.

The conservative party said there was substantial evidence that the stamp duty holiday extension had led to “something of a boom” because it had created a feeling of buyer confidence.

Labour stated that, even so she said she had received numerous emails from constituents, “dozens” saying they were worried that their purchases may not go through in time and in some cases would then fall through.

Overall the petition has attracted more than 140,000 signatures and the end result will depend on the Chancellors budget, which will be decided on the 3rd of March.