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TODAY'S OTHER NEWS

Fall-throughs threat: Buyers will pull out if they miss SDLT deadline

A survey of people currently buying property suggests as many as a quarter may pull out if they know they’ll miss the stamp duty holiday deadline.

Moneysupermarket surveyed 2,000 buyers last month and 24 per cent said they would walk away from their potential purchase if completion takes them beyond March 31, when the holiday is scheduled to end.

Some 71 per cent of those responding say they want the deadline extended and over half - 57 per cent - say the reason they sold their existing home and began looking for a new property was to take advantage of the temporary tax break.

Buyers are expecting to spend an average of £347,000 on a new home and make an average stamp duty saving of £5,377. Londoners expect to spend the most on their new property - an average of £467,213 - and save an estimated £7,098.

The survey suggests that 24 to 35 year olds are most likely to take advantage of the holiday, while those aged 35 to 44 are the ones expected to spend most of their new property.

Moneysupermarket mortgages director Emma Harvey says: “As our research shows, the stamp duty holiday has proven successful in attracting both buyers and sellers to the property market at this difficult time for the economy. It’s clear that many would like to see the scheme extended and we believe the government needs to put in place longer term support for the housing market.”

  • Daniel Hamilton-Charlton

    All anyone can do is to do their best for their clients and purchasers.
    Estate agents should only be out on viewings or agreeing sales to buyers with mortgages agreements in principal, vendors should be getting legally prepared as soon as they intend to go to the market and get the Searches ordered for their prospective buyers.
    We can help with this process.
    We don’t offer any conveyancing services but do provide protocol forms for free and direct access to search ordering for vendors and buyers where a pack has not already been ordered.
    We offer a 100% vendor refund when the buyer agrees to pay for searches.
    Collaboration and up front data will significantly help with timescales and reduce fall through rates.

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