Enable’s IFAs in Bishops Stortford have seen the surge in home buying to beat the stamp duty holiday deadline. But will you complete in time to be able to take advantage of the stamp duty holiday? At the moment according to research from PropCast 70% of cities offer property sellers a good chance of completing their sale before the stamp duty deadline.
Their research seems to indicate that people are unlikely to beat the deadline in Canterbury, Chichester, Durham, Lancaster, Lincoln, Newcastle, Oxford, Peterborough, Preston, Salford, Sunderland, Wells, and Winchester. Gavin Brazg, founder of TheAdvisory, said: “It takes roughly 21 weeks for property sales in hot markets to find a buyer, accept an offer and complete the legal process, so I expect only sellers that are already on the market, or lucky enough to be in an area where homes are likely to sell fast, will be able to get their deal over the line in time.”
As we know only too well at Enable that chains can collapse and sadly not everyone who has tried to take advantage of the stamp duty holiday will be able to complete. Recently the property industry collectively sent Chancellor Rishi Sunak a letter, requesting for the stamp duty holiday to be extended by six months. The letter said: “Operational constraints in all areas of the home buying industry caused by the disruption brought about by Covid-19 and the current advice to work at home where possible, have seen average property transaction times lengthen from 12 weeks to 20 weeks.
Signatories of the letter were NAEA Propertymark, The Guild of Property Professionals, the Residential Property Surveyors Association, Conveyancing Association, Society of Licenced Conveyancers, Kate Faulkner, the House Buying and Selling Group, Simplify, MAB, Landmark and Purplebricks. Enable’s IFAs can help you look at your house buying options.