North West estate agents are desperate for the Chancellor to extend the stamp duty holiday when he makes his Budget announcement next week - and said it will help avoid "costly penalties" for thousands of buyers.
Rishi Sunak is reportedly set to prolong the tax break for another three months in his announcement on Wednesday - with the move cutting the bill entirely for properties costing between £125,000 and £500,000.
It's currently due to end on March 31 - but there are rumours Mr Sunak will extend it until the summer in a move that could help hundreds of thousands of buyers.
Many people have been left scrambling to complete their transactions with just five weeks to go until the March 31 deadline, worried that if they do not, they could be left with a £15,000 tax bill.
There are also concerns some buyers may pull out if they do not meet the deadline.
According to The Times, Mr Sunak will move the deadline - a decision in line with other measures set to support the economy.
Mark Russell, CEO of Merseyside estate agency Venmore, which operates sites in Wirral, Liverpool and Southport, said: "With the clock ticking down and conveyancers stretched beyond their limits, it’s of the uppermost importance for an extension be granted to avoid a situation that could result in extremely costly penalties to thousands of well-intentioned buyers, meaning all eyes will be on the Chancellor’s speech and budget plans.
"In general, our experience through this time has been that the vast majority of our clients are well aware of the risks attached and are prepared for missing a deadline.
"However, should the expected extension be announced, it's essential that a tapering-off period is also granted to avoid any unnecessary risks to the client and expectations can be set properly. Buyers who can demonstrate they have started a transaction before the deadline and have incurred legal costs should still benefit."
Alan Jones, director at Southport-based Curlett Jones Estates, struck a similar tone.
His firm is "feeling the pressure" of completing house moves before March 31, and that he fears the housing market may collapse if the deadline is not moved.
He said over 100,000 transactions will miss the current deadline, adding: "Therefore, if the chancellor does not extend the Stamp Duty tax break beyond the current deadline, it will have a huge negative impact on the UK housing market and will cause the current housing bubble to pop."
Greg Davies, senior branch manager at Reeds Rains estate and letting agents in Manchester, said: "We welcome the stamp duty holiday announced last year and would support any move that would help stimulate the property market further, including an extension to this holiday period.
"Whilst tax rises could come, we hope that consideration would be given to the scale and timing of these to ensure that consumers can feel confident in making a move in the property market and that market activity, as now, remains strong."
James Kersh of Sutton Kersh Auctions said his firm are hoping for an extension after it "really stimulated the market" last year - triggering record numbers of transactions nationwide.
He added: "Results from our last few auctions show that there is an exceptionally high demand for investment properties, which are selling fast and above the guide prices, reflecting the national property boom.
"An extension to the holiday is not just good for those working directly within the estate agent industry but also creates demand for numerous other products and services; from conveyancing solicitors and surveyors to trades people and building firms, and even the retail sector as people furnish and buy accessories for their new homes.
"Although it may not have the same enormous impact it had over the last year, I do feel it will still make a considerable difference and enable more recent transaction to ‘get over the line’ in time."
