Estate agent body NAEA Propertymark has advised those looking to take advantage of the stamp duty holiday that they may need to act quickly. It says sellers need to market their home by the end of September to maximise their chances of getting the transaction completed before the March 31 2021 cut-off, noting many conveyancing services are operating at reduced levels, while mortgage applications and surveys are also said to be suffering delays amid backlogs and staffing issues. Experts have also warned that the mini-boom on the market could unravel once the true economic toll of the pandemic starts to bite later this year and job losses mount. The Conveyancing Association warns transaction times could be up to 20 weeks and the fall-out rate could be as high as 34%.
The Mail on Sunday (13/09/2020) The Sunday Times (13/09/2020