Housing market boom as buyers rush to beat stamp duty deadline

Property website Rightmove says the UK housing market is thriving as buyers rush to complete before the end of the stamp duty deadline.

Wednesday, 9th June 2021, 2:07 pm

Rightmove said there are 704,000 sales currently going through the conveyancing process across Britain, the highest over the past decade.

It said, at the start of the year, the sales pipeline across Great Britain stood at 613,000.

It comes ahead of the end of the stamp-duty holiday – a reduction in the home sales tax to help the market during the coronavirus pandemic – at the end of June.

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The current average time from sale agreed to completion is four months, but there is a backlog as mortgage firms and solicitors face an increased workload due to the rush to complete.

Rightmove’s Tim Bannister said: “The pace of properties coming on and off the market is also the quickest we’ve recorded. Agents say they have multiple viewings followed by a number of offers within days of a property appearing on Rightmove.”

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Rightmove says homes 'sold subject to contract' are at their highest volume in a decade.