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Commercial Property

Budget 2021: Stamp duty extension would be 'fantastic news for buyers' - What West Midlands property chiefs want from the Budget

A potential extension to stamp duty is a key issue say our property experts along with looking hard at business rates

West Midlands property experts have outlined their concerns ahead of Rishi Sunak's Budget on Wednesday(Image: Dan Kitwood/Getty Images)

Stamp duty holidays, business rates concerns and furlough extensions are among the big issues members of the West Midlands property community are hoping Chancellor Rishi Sunak will address in his Budget speech this week.

Media reports have already suggested that the current stamp duty holiday could be extended from March 31 to July.

Mr Sunak introduced the measure in 2020 to stimulate Britain's housing market which experienced a dip in activity during England's first national lockdown.

The idea was to incentivise potential home buyers by increasing the threshold at which stamp duty is charged on homes from £125,000 to £500,000.

Understandably, this features heavily among our experts.

Ramona Hirschi, managing director of estate agency Belvoir in Stoke-on-Trent, welcomes the potential extension of the stamp duty holiday.

She said: "I hope to see a sensible solution to the issue, such as allowing all transactions currently 'sold subject to contract' to complete with the benefit of the holiday even beyond March 31.