Estate agents planning to wind down for the festive break should think again as prospective homebuyers are urged to have transactions underway and offers accepted before Christmas if they are to have a chance of completing before 1 April 2025, when changes to stamp duty take effect.
While cases vary, Simply Conveyancing points out that the current majority of offers accepted to completion times take around three-four months, according to the latest Land Registry figures, without accounting for additional industry strain.
Sue Bence, COO of Simply Conveyancing, said: “With stamp duty changes on the horizon, it’s crucial for buyers to act swiftly. Having an offer accepted and legals in motion before Christmas will give home movers the best chance to avoid the additional financial burden of the new thresholds.”
The national conveyancing firm adds that there has already been a significant uptick in transactions, and expects to see plenty more business over the next couple of weeks.
Bence continued: “Since the October Budget, when it became clear that the previous temporary stamp duty thresholds would not be extended, and with interest rates gradually steadying, we have seen a significant uptick in transactions as people race to beat the deadline.
“While this is positive on the whole, it puts additional strain on the entire transaction ecosystem from lenders to agents, local authorities and conveyancers, so buyers should be mindful of this to avoid disappointment and being hit with additional moving costs.”
