Over 700,000 property sales currently going through conveyancing across Great Britain which is the highest number in the past ten years. The start of the year saw the sales at over 600,000 but then the market went crazy and houses were marked as sale agreed at a far quicker rate than they were completing.
It also now appears that the stamp duty holiday is not the biggest factor in this sudden rise in property sales. Although there are those hoping to complete by the June and September deadlines about a third did not expect to complete by either of the deadlines. Many are moving to a bigger home or different location and so the stamp duty holiday is not an issue that will deter their move.
It would appear, that only around 4% could possibly abandon their plans to purchase if they missed either of the deadlines for a stamp duty holiday. Over half would go ahead as planned, some would try to renegotiate with the seller and a few would purchase a cheaper home. The average time from sale agreed to completion at the moment stands at four months.
There are 131,000 that are over £250,000, making this group in most urgent need to get their sale over the line before the end of June when the stamp duty holiday drops from properties worth £500,000 or below to £250,000 or below in England. The easing of restrictions, extended stamp duty holiday, race for space and relocation plants, along with better mortgage availability for first-time buyers, have all combined to create the biggest conveyancing logjam recorded over the past ten years.
The tapering of the stamp duty holiday until end of September will enable many although not all to make some savings. The speed with which properties have come on and off the market has been the fastest seen for years and with agencies having multiple viewing following by a number of offers within days of a property appearing for sale.
It was thought that there would be a quieter second quarter in this year but the demand from buyers has continued and with the saes already in the pipeline, it has been really busy for agents and conveyancers.