The chancellor’s decision to extend the stamp duty holiday beyond the end of March was warmly welcomed by most homebuyers and estate agents.
A phased end to the stamp duty holiday will turn “generation rent” into “generation buy”, Rishi Sunak claimed last month.
He acknowledged that many purchases would not complete before the original deadline of 31 March due to delays in the homebuying process.
Responding to calls from the industry for a tapered extension to prevent buyers facing unexpected bills, he announced that the threshold for the tax to start would remain at £500,000 in England and Northern Ireland until 30 June.
After that, it will be reduced to £250,000 until 30 September, before returning to its original level of £125,000.
While the stamp duty extension has been welcomed by most people, it has ultimately delayed the inevitable cliff edge.
Now online mortgage broker Trussle is warning that many buyers may already be too late to beat the new stamp duty deadline in June.
Miles Robinson, head of mortgages at online mortgage broker Trussle, commented: “It’s safe to say many home buyers will be racing against the clock [to beat the first stamp duty holiday deadline in England]. The average current wait time for a house buying transaction from start to finish is 163 days, however there are areas of the country where completion times are faster.
“Currently, the quickest transaction time is in the East of England, standing at 138 days. However, in the South West, transaction times are taking an average of 222 days.”
Comments (3)
March was set to be a massive month for completions, but the moment a further 3 months extension was announced, exchanges dropped off, as slow conveyancers felt they could delay for a few more months. Do not extend it again, as all it does is excuse slow conveyancing.
If buyers are going to miss out, it is because conveyancers have caused it. Taking on more than they can service. Just ask any estate agent how many conveyancers are always at the end of a phone, or email, and they will scratch their heads. In fact, ask conveyancers how contactable are their counterparts and the same response.
I have dozens of files lined up, purchases and sales, but getting other lawyers over the threshold is like pulling teeth.
Yes, conveyancers are working hard for the last 12 months, but it is not quality work in far too many instances. Stalling /daft enquiries, months of silence as they sit on files waiting for all searches before starting, staff who admit their bosses expect them to take on more work than they can service, and add to that the same average conveyancers that were around before the pandemic.
I am delighted with many conveyancers’ efforts but disappointed with far more. And what are the relevant professional bodies doing to tackle the quality of conveyancers – ‘up front information’ packs (or what we already call contract packs). [emoji slow head shake]
Agreed, many firm don’t seem to care either, Im now at the point I don’t know what to do or say to my clients, many firms refuse my calls and ignore emails trying to push things, Some even ignore their own clients chasing.
Thankfully most conveyor belt firms who hold The lion share of market are doing well. Other than O’Neill’s, I refuse to work with them on the other side!
I think the problem is a lot of corporate agents use these utterly useless conveyancing firms for a referral fee.
Then it is looked after by someone who is unskilled and cannot make a decision.