Best places to buy if you want to finish before the stamp holiday deadline

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Just under eight weeks before the June 30 stamp holiday ends, new data has revealed the UK cities where potential owners are most and least likely to complete on time.

The research, conducted by online mortgage broker Mojo Mortgages, looked at current wait times for local authority searches to be completed – a determining factor that has a major impact on the time between a sales memo and its completion.

Based on the numbers, the time taken by local authorities across the country to complete this research has varied widely, ranging from five days to over six months for some councils.

However, it was clear no matter where you happened to be, if you were still looking for a property with stamp duty savings, you will have to act quickly or it will be too late.

After combining the latest research data from local authorities with the remaining nine-week average transfer time suggested by the HomeOwners Alliance, the research was able to determine the average total transfer time for each local authority.

However, Mojo pointed out, it was important to remember that each home purchase comes at its own pace.

Those buying property in the district of Ashfield in Nottinghamshire were the least likely to be affected by delays in returning searches from local authorities, taking five days on average.

A number of other local councils, including Bassetlaw, East Devon and Norwich City Council, also reported quick searches taking six days.

Fastest search times (Source: Mojo Mortgages)

Local authority Delay of working days in the return of searches How many weeks? Total transfer time (weeks)
Ashfield District Council 5 1 ten
Bassetlaw District Council 6 1.2 10.2
East Cheshire Council 6 1.2 10.2
Crawley Borough Council 6 1.2 10.2
East Devon District Council 6 1.2 10.2
Eastbourne Borough Council 6 1.2 10.2
Haringey’s advice 6 1.2 10.2
North Lincolnshire Council 6 1.2 10.2
Norwich City Council 6 1.2 10.2
South Gloucestershire Council 6 1.2 10.2
Stroud District Council 6 1.2 10.2
Uttlesford District Council 6 1.2 10.2

On the other end of the spectrum, residents of Hackney could face search delays from local authorities of over six months (180 working days), Havering (90 working days) and Dorset Council (70 working days) also signaling some of the slower responses. in the countryside.

Other local councils that score poorly in this research include Durham County Council, Newcastle City Council and Lewisham Council.

Slowest search times (Source: Mojo Mortgages)

Local authority Delay of working days in the return of searches How many weeks? Total transfer time (weeks)
Hackney’s tip 180 36 45
London Borough of Havering 90 16 25
Dorset Council 70 14 23
Durham County Council 65 13 22
Newcastle City Council 50 ten 19
Lewisham Council 45 9 18
Lichfield District Council 40 8 17
Plymouth City Council 40 8 17
Salisbury Town Council 35 7 16
South Staffordshire District Council 35 7 16
Wiltshire Council 35 7 16
Barnet Council 35 7 16

Richard Hayes, Mojo Mortgages

Richard Hayes, CEO of Mojo Mortgages, said: “The stamp duty holiday, and the savings of up to £ 15,000 that goes with it, has helped thousands of people buy new homes.

“The recent extension is good news for the thousands of buyers who are still worried about missing out on these savings today, but with just eight weeks to go, many will be wondering if they will complete on time, with forex traders doing everything. they can satisfy customers. “

“While these timelines are average and theoretical, they help people understand how long things can take and how tight it could be. If they think they are at risk, it is really important that they talk to their carrier about indemnity insurance without research.

“Of course, there is certainly the flip side where mortgages and transfer of ownership can be sorted out much faster than expected.

“Over the past few months, Mojo has helped many people go from mortgage comparison to turnkey completion in about 30 days.”

Meanwhile, David Darlington, Partner at Fieldings Porter, added: “As for the upcoming June stamp duty deadline, I think for some parts of the UK such as the North West and the northeast, this will be less than that in October, when it comes down to £ 125,000 as property prices are lower with many properties under the £ 250,000 mark.

‘That said, there are bigger houses in these areas that are still trading between £ 250,000 and £ 500,000 and for these there will be a marked difference in the stamp duty payable after 30e June, therefore, it is important that they start the property transfer process immediately as there is a lot of pressure on the research and the property transfer system as a whole at the moment.

“Even those who start now don’t have a guarantee that they will finish in time for the end of June, but there is still a chance. This will depend in part on the requirements of the lender and the buyer for research and deadlines in the locality.

“We have seen research come back in a few days from a local authority and take five to six weeks for a neighboring authority. Buyers should therefore discuss this with their lawyer or carrier as soon as they let them know if the stamp delay is important to them. “

Daniel Flatt: ‘Hope’ for completion before deadline

Daniel Flatt (31), an IT manager from Peterborough, is currently waiting for search results from local authorities to be returned as he hopes to complete the property transfer process before the stamp duty deadline.

He said: “After many delays and issues in the home buying process, including a previous failed sale, we are now on the verge of purchasing the property of our dreams.

“We hope to be finished by June 30 as the £ 5,500 savings would be very helpful as we are also expecting our second child in the fall.

“It is frustrating that the process of transferring ownership is a little out of our control and a little uncertain, but we know that our lawyer is doing everything he can to speed up the process and we hope that the completion will occur in the next six to seven weeks. . “

Apart from the three month extension of the ‘zero rate tranche’ of £ 500,000 until the end of June, no stamp duty will be payable on purchases of residential properties up to £ 250,000 until September 30, 2021 .

For the full list of local authorities and their current search times, Click here



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