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Chancellor Rishi Sunak is reportedly considering extending the stamp duty holiday.

Back in July, the property tax was temporarily scrapped until March 31 in a bid to boost Britain's housing market.

The government's move helped millions of first-time buyers afford to get onto the property ladder.

Now it has been reported the chancellor is hoping to extend the stamp duty holiday with calls to scrap the tax completely.

The House of Commons confirmed on Monday there will be a debate after 100,000 signed a petition for the tax to be extended.

Brits are hoping for a six month extension as the March 31 deadline is looming.

The "Extend the Stamp Duty Holiday for an additional 6 months after March 31, 2021" petition received almost 110,000 signatures.

Potential homebuyers fear the deadline could see their property transactions fall through and chains collapse.

That's because conveyancing, surveys and legal complications could take months leaving some Brits struggling to meet the deadline.

There have also been calls for Mr Sunak to scrap council tax as well as stamp duty.

  • Thousands of Brits could be missing out on stamp duty holiday savings worth £15k

Tory MP Kevin Hollinrake is backing calls for property tax to be changed.

He said: "These taxes are unfair, complicated and block aspiration. Unfair because the poorest find themselves hit hardest.

"Complicated because they are difficult to understand and command an intricate web of bureaucracy to administer.

"And they hinder aspiration by taxing property transactions and discouraging people from moving home."

Although many are calling for the stamp duty holiday to be extended, experts have claimed it would not cure the housing market.

Nick Sanderson, CEO of Audley Group, said the scrap was put in place to "inject new life into the property market".

But he doesn't believe the stamp duty holiday was a "long term cure" for the housing market.

He said: "In the long term the government does need to commit to solving the housing crisis and addressing some fundamental flaws."

  • Property

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