An estate agent has spoken out about the threat of ‘abandoned sales’ if a completion bottleneck prevents purchases of properties going through before the April stamp duty surcharge deadline.
There have in recent weeks been numerous complaints about slow searches by conveyancers - worsened by increased buying of second homes and buy to let properties ahead of the surcharge - and mortgage approvals reached their highest levels for two years in January.
Now Ajay Jagota of the KIS agency says that “anecdotally the industry is full of stories of a substantial number of homes stalled in the pre-completion stage and even a shortage of solicitors available to carrying out conveyancing.”
He continues: “The real questions are whether or not buyers will persevere with the sales if their transactions are not completed when the tax changes come in. Will they take the hit, or will we see a spate of sales simply abandoned?”