Skipton’s mortgage pipeline doubles

Skipton Building Society has reported that its mortgage pipeline has doubled.

According to the lender, the stamp duty [SDLT] holiday has resulted in a rush of investors wanting to purchase before the completion deadline of 31 March 2021.

Roger Hughes, business development manager at Skipton, said: “As the scramble to complete before the SDLT deadline arrives, we expect a very busy Christmas period and first quarter of the year.

House hunters race to beat stamp duty deadline

“The localised UK COVID-19 lockdowns have resulted in some issues for surveyors being able to visit properties.

“Also, some councils are reporting delays in being able to return search information.”

Zoopla recently reported the housing market is set to have its strongest December for more than a decade, and anticipates a further uplift in January 2021, as purchasers attempt to beat the stamp duty deadline.

Hughes added: “With high levels of demand the average time to process mortgages is increasingly significantly.

“Skipton is still turning around fully packaged applications within a week, but like the rest of the market we are then experiencing additional survey and conveyancing delays.

“The report indicates that of new sales agreed in January, just half will be likely to beat the stamp duty deadline.”