Stamp duty holiday delays push average selling time to 295 days

Essex Home Finance
It’s now taking 43 days longer to sell a home due to the delays caused by the stamp duty holiday.
The latest Finance and Property News2

It’s now taking 43 days longer to sell a home due to the delays caused by the stamp duty holiday, according to research by estate agent comparison site, GetAgent.

The data shows that when looking at the average time from when a property is listed online until the point an offer is accepted, the benefit of the stamp duty holiday and the resulting increase in homebuyer demand has been clear.

Between the 1st January 2020 and the introduction of the stamp duty holiday (8th July 2020), it was taking the average homebuyer 138 days from listing to accepting an offer. Following the holiday, this time to find a buyer has since reduced by 14 days to just 124 days.

However, when looking at the total time to sell, the huge influx of demand has caused delays in the latter stages of the transaction process.

Looking at the total time to sell from the initial listing of a property to the sale being recorded by the Land Registry as complete, the research shows it’s now taking an average of 295 days to sell a home.

This is 17 days longer when compared to the same year pre-stamp duty holiday (Jan-Jul 2020) and 43 days longer year-on-year.

Founder and CEO of GetAgent, Colby Short, commented: “They say that all good things must come to an end and while true, last week’s Budget has delayed this reality for many homebuyers with regard to the current stamp duty holiday.

“However, while the holiday itself has helped boost buyer demand and the speed at which sales are being agreed, this has come with a small print catch in the form of substantial market delays during the tail end of the transaction process.

“It’s now taking more than six weeks longer to complete a sale than it was the previous year and this can feel like an eternity as anyone who has bought or sold a house will tell you. Unfortunately, there isn’t much you can do to bypass this backlog other than sit tight and be patient. At least, at present, those currently delayed will have the reward of thousands saved in stamp duty when they do finally come to their completion date.”

Original Article from Financial Reporter 17/03/2021

Get In touch

Leave this field blank
Mobile / Home Number
Please choose the closest match to your Mortgage Needs
  • Choose
  • First Time Buyer
  • Help To Buy
  • Homemover
  • Remortgage
  • Buy to Let
  • Equity Release
  • Insurance
  • Home Utilities
  • Nothing found
Essex Home Finance

(01245) 398466

Call Anytime

Address : 8 Kingsdale Business Centre, Regina Road, Chelsmford, Essex, CM1 1PE

Essex Home Finance Ltd is an Appointed Representative of Mortgage Intelligence Ltd which is authorised and regulated by the Financial Conduct Authority under number 305330 in respect of mortgage, insurance and consumer credit mediation activities only.

Registered address: 1 High Street, Chelmsford, Essex, CM1 1BE.

Registered in England & Wales under number 10607263.

Your home may be repossessed if you do not keep up repayments on your mortgage.

We do not charge for Residential First Time Buyers, Residential Home Movers, Residential Remortgage, and all Product Transfers (Residential or Buy to Let).

There will be a fee for all Buy to Let Purchase and Buy to Let Remortgage cases. Typically our fee will be £149, payable on Offer. We will agree any fees with you before we proceed with your case.

There will be a fee for all Equity Release Mortgage cases. Typically our fee will be £695, payable on Offer. We will agree any fees with you before we proceed with your case.

We always aim to provide a high quality service to our customers. However, if you encounter any problems and we are unable to resolve them you can take your complaint to an independent Ombudsman. 

Our advice is covered under the Financial Ombudsman Service.  You may be able to submit a claim through the  EU Online Dispute Resolution Platform If you live outside the United Kingdom or if you prefer not to deal directly with the Financial Ombudsman Service.