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Stamp duty holiday extension to be debated in parliament

The government will be forced to debate the stamp duty holiday, after more than 115,000 people signed a petition calling for an extension.

Rightmove has estimated that, as it stands, more than 100,000 people will miss out on the stamp duty holiday, seeing as the market is movingly more slowly than usual.

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The stamp duty holiday means that people don’t have to pay stamp duty on the first £500,000 of a property purchase, saving up to £15,000.

Any petition signed by more than 100,000 is obliged to be debated in parliament.

Read about the UK Housing Market via our Specialist Residential & Buy to Let Division

The government has previous said that it has no plans to extend the holiday.

It responded on the 10th December: “The SDLT holiday was designed to be a temporary relief to stimulate market activity and support jobs that rely on the property market. The government does not plan to extend this temporary relief.”

BY RYAN BEMBRIDGE

Source: Property Wire

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1 in 5 homeowners using mortgage alternative

Research by Market Financial Solutions shows 19% of homeowners have used a form of alternative finance, ranging from crowdfunding to mezzanine finance and unregulated loans.

The bridging lender commissioned an independent, nationally representative survey among more than 2,000 UK adults to uncover just how Brits have been financing their property purchases. Of those who have bought a property since 2007, 42% identified as cash buyers while a further 52% said they had used a mortgage or re-mortgage.

The number opting against a conventional mortgage is at its highest amongst millennials, with 29% of respondents aged between 18 and 34 stating to have used different forms of finance. Meanwhile, 13% of homebuyers said they had used a bridging loan – this number increased to 21% for those who were investing in a second home.

The UK’s alternative finance industry is currently worth over £4.6bn. However, 46% of survey respondents stated they did not have enough knowledge or confidence in finance options other than mortgages to consider using them. Nearly a quarter of buyers said they would have liked to have considered other financial products but feared they would lose out on their property purchase if they delayed their credit decision. Nearly half did not have a strong enough understanding of bridging loans or the situations in which they can be used.

When asked about the factors influencing their decision, 37% of homebuyers said they relied on a broker to recommend the different financial products available to them.

Source: PlaceTech