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Express.co.uk spoke to Richard Hayes, CEO of online mortgage broker, Mojo Mortgages about the issue, who said: "The stamp duty holiday has clearly helped the market, and there's no
doubt we've all been surprised to see very little decline in transactions due to the earlier lockdown when the housing market was essentially closed for business. "However, due to
the unprecedented demand in wanting to move, whilst at the same time, taking advantage of the stamp duty holiday, offer to completion times are now on average five months long. Therefore,
the time it is taking to process a house purchase could mean that hundreds of thousands of people could miss out on the stamp duty cut due to the backlog. "The government needs to
re-look at the cut-off point as many current home movers aren’t going to benefit from it with current time scales as they are now. "We believe the stamp duty holiday should be extended
in the same way the furlough scheme has been, so there is less of a hard stop, and doing so would also guard against a sudden market crash. "In addition to this, extending the stamp
duty holiday will also ease the pressure on lenders and conveyancers who are experiencing an extremely high level of demand right now.