Can't complete before stamp duty holiday ends

[London1977]

Hi All, I've been in bits over this and just wondered if anyone else is in this situation. I am just about to complete on our new house, a wreck but it's all we can afford in our part of east London. We've had the inevitable delays along the chain, which has been chugging along since August, and now we await one set of searches and we're good to go at last! Except the local authority has severe delays on getting searches back and has said it will be 12 weeks.. this is due to the pandemic - lots of searches and very few staff members. They aren't accepting any fast track surveys.

Anyway I don't think we'll complete by end of March, and we can't afford to move if we have to pay the stamp duty - others in the chain below us are also in the same position.

I am currently begging my husband to beg the bank for more money.

Who knew it would be this hard to move from a flat to a house! X

Obviously just my guess, but I'm around 95% certain the holiday will be extended. House prices would crumble if it isn't, and that's more gloom and doom - and the sort of gloom and doom the voter base cares about. Don't riks money on my guess, though! Obviously!

Alternatively, if everyone in your chain has the same problem, can you not make some sort of agreement to each reduce your sale price?

I agree with catlady that the stamp duty will probably be extended. I just hope he doesn't drag out the announcement.
We're in rented and looking to buy and have already noticed how few houses are coming on, besides looking in 2 areas where the market is usually very active.

Article in the Sunday Times yesterday said that they don’t think it will be extended. Interestingly they said the average saving made with the stamp duty holiday is £4,500 and property prices have increased on average by £14,000 in the last 6 months.
I read lose that most people think it’s a great thing, but if those figures are true (I’m not saying that they 100% are) then something isn’t stacking up.
I think it’s the perception of saving money rather than the reality. Maybe the people who got their sale through when it was first introduced and had already agreed the price did make a proper saving, but since then it’s just helped to push prices up.