Online mortgage broker Trussle has warned that many buyers may have already missed the boat when it comes to beating the stamp duty holiday deadline.
The tax break had initially been due to end on 31 March, but Chancellor Rishi Sunak announced in the Budget that it will now end on 30 June. After that it will be tapered until the end of September.
Miles Robinson, head of mortgages at online mortgage broker Trussle, said: “With just over 90 days to go until we reach the first stamp duty holiday deadline in England (30th June 2021), it’s safe to say many homebuyers will be racing against the clock.
Over a million Brits rushed purchase to beat initial stamp duty holiday deadline
“The average current wait time for a house buying transaction from start to finish is 163 days, however there are areas of the country where completion times are faster.
“Currently, the quickest transaction time is in the East of England, standing at 138 days. However, in the South West, transaction times are taking an average of 222 days.
“Previously, it was estimated that 100,000 sales were in danger of collapsing if buyers missed the original deadline of 31 March.
“If you’re in the home buying process and hoping to complete before the stamp duty holiday deadline, the key is to be prepared. We’d recommend using a stamp duty calculator to factor in potential stamp duty fees to avoid any unexpected costs should your sale not complete in time.
“Remember the tax relief doesn’t end completely in June. From 1st July to 30th September this year the tax break is tapered and applied to all homes up to £250,000, which is still positive news for hopeful buyers.”