The stamp duty holiday is driving considerable activity in the housing market, and this shouldn’t be a surprise. With a chance to save up to £15,000; it is inevitable people are keen to move.
However, with such a high level of demand, there is considerable pressure on professionals. Conveyancers, mortgage lenders, brokers, solicitors and estate agents are dealing with a greater workload than usual.
Also, with COVID-19 regulations in place, and lockdown measures in effect once again, everyone is under greater pressure. The property market is able to remain open during the lockdown period, but it is understandable some matters will take longer.
How long does it usually take to sell a home?
Consider the following guidelines from industry professionals:
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The Advisory suggests that the average time taken to sell a home is 18 weeks
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The HomeOwnersAlliance suggest selling your home can take up to 24 weeks for many vendors
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In their October 2020, UK Asking Price Index, Home.co.uk state the average time spent on market for homes in England and Wales is 177 days (equivalent to 25 weeks) but states the typical time on market is 69 days (just less than 10 weeks)
Time is already tight for the stamp duty holiday deadline, and when you consider everything else affecting the market right now, some households will miss out.
There is growing pressure to extend the stamp duty holiday, but there is a need for patience and more support from professionals who are carrying out property work.
Industry leaders have their say
Simon Law, incoming chair of the Society of Licensed Conveyancers (SLC) said; “Conveyancers are currently dealing with an unprecedented set of circumstances which are constraining the ability to progress transactions. The property market is seeing volumes not experienced since the recession, caused by a backlog of transactions from the period of lockdown, and many people re-appraising where they want to live as a result of the covid-19 epidemic. This is compounded by the current SDLT ‘holiday’ on property purchases under £500,000 which has added fuel to the fire.”
Rob Hailstone is the founder of the Bold Legal Group (BLG) and he has said; “It is not just the demand side that is creating a challenge to the conveyancing profession, but also the dependence on outside parties to progress transactions. Covid-19 restrictions mean that many local authorities are operating under extreme difficulties and this has affected their ability to supply their own searches and also to provide access to data for personal search companies. In addition, many mortgage lenders are experiencing
Lucian Cook, a residential research specialist, said; “The number of deals that have been agreed in recently suggest that these figures will rise further in coming months. By how much really depends on the capacity of solicitors and mortgage providers to process the pipeline of agreed sales. That will limit the number of sales able to be completed by Christmas and, unless something changes, the stamp duty deadline at the end of March.”
If you would like to arrange an appointment to help you negotiate the local housing market, please contact Stones Residential today by calling us on 020 7483 0685 or emailing belsizepark@stonesresidential.co.uk.
