Countdown to Stamp Duty holiday deadline begins
There are just 70 days left to take advantage of the Stamp Duty holiday, said Moneysupermarket.
But the price comparison site revealed the average property actually takes 77 days to complete, and first-time buyer purchases even longer at 99 days.
This means many buyers will be scrambling to try to complete their purchase before the deadline to potentially save thousands of pounds on tax.
The scheme was meant to end in March but was extended by the Chancellor in his Spring budget. The extension was intended to help those with purchases already in progress to complete, but in fact it prompted more people to try to buy before the new deadline. The extension saw a 421% increase in new mortgage enquiries, with first-time buyers most likely to try to take advantage of the extra time.
Boost for buyers
Nearly two thirds (63%) of home hunters are in the market as a result of the Stamp Duty holiday, said Moneysupermarket.
Younger buyers (25-34 year olds) are the most likely to take advantage of it, with 71% having bought a home or claiming that they intend to do so as a result of its introduction.
There are now just under 10 weeks until the extended June deadline, after which the nil rate band for stamp duty will fall to £250,000 until the end of September. From 1 October the usual level of £125,000 will return.
Jo Thornhill, finance expert at Moneysupermarket, said: “The stamp duty holiday extension has been hugely popular but those seeking to take advantage of it better hurry with the deadline now only ten weeks away.
With the average home purchase taking 77 days to complete, many will be cutting it fine. However, if you’re chain free and have only just started looking, you should still have enough time if you act now.”