There’s no doubt about the fact that SDLT relief - or the Stamp Duty holiday as it’s known to most – has created a boost to the property market. In fact, it’s been such a huge incentive to get people moving that it’s resulted in a significant bottleneck in the house buying process.
The ‘perfect storm’ means less-than-perfect timescales
We are currently witnessing something of a ‘perfect storm’ in the market; an unforeseen combination of post-lockdown demand, new certainty about Brexit, the knock-on effect of previous COVID-related delays and a high degree of remote working. And whilst those in the industry are trying to help their clients navigate their way through the process in good time, there’s simply not enough capacity to deal with the surge. The average property transaction has subsequently lengthened from 12 weeks to 20 weeks.
With the SDLT relief end date initially the the 31st March 2021, buyers and prospective vendors have been scrambling to get purchases completed and instructions pushed through to ensure that they benefit from the scheme. The SDLT relief extension, announced on the 3rd of March 2021, has provided much needed breathing space for everyone involved, and we are definitely not the only ones who have breathed a huge sigh of relief!
An industry coming together for its clients
Especially as the initial SDLT relief deadline at the end of March would have coincided with the Help to Buy scheme end date, the extension is a huge result for the industry who have been aggressively lobbying the Government to extend the deadline to allow for more manageable timescales to complete purchases.
Whilst we never take our foot off the gas when it comes to our conveyancing services, we know that these extra months will relieve the pressure and resolve the more problematic and frustrating elements of the current bottleneck. Estate agents, search agents, mortgage intermediaries, conveyancers, surveyors and removal companies will now be able to return to more workable timescales.
And that’s got to be a good thing for all. Especially since we, like many of our colleagues, believe that sticking rigidly to the 31st March would have resulted in a huge increase in the breakdown of chains as some buyers simply wouldn’t have been able to afford the purchase after the relief deadline passed.
Let Arrow Conveyancing help you to get moving
If you still have plans to take advantage of the Stamp Duty holiday then speak to our team here at Arrow Conveyancing. We have been here throughout the pandemic to support our clients and will continue to look after their interests despite the challenges.
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The information contained in this article does not constitute financial advice or recommendation and should not be considered as such. Arrow conveyancing does not offer financial advice and is not regulated by the Financial Conduct Authority (FCA), the authors of this article are not financial advisors and are therefore not authorised to offer financial advice.