Major Delays Predicted for Home Buyers

Since the property market reopened in the summer of 2020, during the first lockdown, there have been an overwhelming amount of residential conveyancing transactions taking place.

Restrictions to working environments and disruptions to communication chains has caused issues to the property market. This, along with the stamp duty holiday, has resulted in some industry professional predicting a 5 month delay

This may result in many property transactions taking place after the stamp duty holiday which currently ends in March 2021.

There is also a prediction that there will be a surge in property matters when the current lockdown comes to an end in December, in a frenzied attempt for homeowners to move in to their new homes by Christmas, and take advantage of the stamp duty holiday.

The Law Society, the Society of Licensed Conveyancers, the Chartered Institute of Legal Executives, the Conveyancing Association, and a number of other industry representative bodies have all called on the government to provide an extension to the current Stamp Duty Land Tax holiday.

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