clock is ticking to take advantage of stamp duty holiday

Zoopla has warned house buyers that they need to begin the conveyancing process by December at the absolute latest to take advantage of the stamp duty holiday.

The property portal says that pressure on the conveyancing system is extending completion dates and already means some sales will be under pressure to complete by the 31^st March deadline.

According to Zoopla’s data team in a normal year 97 per cent of sales agreed now should complete by 31^st March, while 92 per cent will be successful if a sale is agreed in November. However for sales agreed in December the figure drops to 81 per cent.

Meanwhile, for sales agreed in January, February and March the chances of completion before 31^st March normally stand at 54 per cent, 17 per cent and 3 per cent respectively.

Ben Furnell, Managing Director of Furnell Residential, said; “The stamp duty holiday and the recent positivity in the market has created a surge in transactions and is putting the whole industry under pressure and has created delays in the system. It is important buyers take steps now to avoid missing out on what could be a sizeable saving.

“I for one will be supporting any industry initiative to encourage the Chancellor to extend the current stamp duty holiday.”