New research by Dataloft show property transactions rapidly returning to pre-COVID levels as the clamour to take advantage of the English Stamp Duty (SDLT) holiday gathers momentum.
However, these unexpectedly high transaction numbers are causing something of a log jam as solicitors and local councils struggle to deal with the mountains of paperwork associated with a home sale.
Purchasers who agree to buy a property in the months before Christmas face the very real possibility of losing the benefits of the SDLT tax break – costing them thousands of pounds and the pressure is mounting on solicitors and surveyors – and with many firms still furloughing staff the effects of this spike in sales can be felt throughout the property market.
Here in Wales the market is equally buoyant but sadly the knock-on effect of the SDLT holiday can be felt here too as many legal firms and surveying companies work on both sides of the border meaning sales are slow
What Company Can Offer a Different Solution?
For those that need to sell quickly and efficiently, one company, House Buy Fast, based in Worthing, West Sussex hope to have a solution.
“We’re stepping up the amount of property we’re buying in Wales in response to the slow conveyancing and general sales process that is afflicting the whole nation.” Says MD Jonathan Rolande.
“The time it takes us to buy is faster than ever – we use our own solicitors and don’t usually require the result of searches before we commit to buying. On average we exchange contracts within about 10 days of agreeing the sale.” According to Money Saving Expert, the average is 4-12 weeks for a ‘standard’ buyer.
House Buy Fast have recently secured additional funding to keep up with demand from sellers who need the certainty of a cash offer from a professional buyer.
“It won’t suit everyone” says Jonathan “but where a guaranteed quick sale is needed, we offer a no obligation offer without lots of viewings and uncertainty.”
Unless there is a long extension to the SDLT holiday, it seems that things are unlikely to change for sellers until after the March 2021 expires.