It may still be possible for buyers to take advantage of the stamp duty holiday before it ends. The stamp duty holiday will end on the 31st of March, and buyers looking to take advantage of this opportunity may be worried that it’s too late. 

Thousands set to miss out on the tax holiday

The spike in interest from buyers due to the break has caused too much demand to keep up with in some areas. Buyers searching in popular locations are faced with a lack of properties of the right price range. If they are able to find a suitable property, due to the explosive demand, there are significant processing delays in getting sales through. 

Property experts warn that many buyers may be set to miss out on the £15,000 tax saving when their sale is delayed past the deadline. The rush to take advantage of the stamp duty holiday has created a staggering backlog in regulating mortgages, valuations and conveyancing. As a result, sales that were expected to take place this month may not be complete before the holiday expires. The likelihood is that thousands will be disappointed to find that they cannot complete by the 31st of March.

Calls for the tax break to be extended

There have been calls on chancellor Rishi Sunak to extend the holiday in the face of this backlog. However, the government has responded stating assertively that the deadline will not be prolonged.

Is there still time to get a sale through before the deadline? 

If you are looking to buy a property fast to take advantage of the tax break, you may still have a chance. It helps if you are fully prepared in terms of your mortgage and surveyor. If possible, you may consider employing a mortgage broker to chase any delays on your behalf. Ideally, to complete quickly, you will have no property chain to slow the process down. Brand new homes and chain free buyers get through matters faster. Purchasing a new-build home via Help to Buy could improve your chances of meeting the deadline.

However, in reality, if you haven’t had your offer accepted before the end of the year, it will be hard to complete before the March deadline. Finance, surveys, and conveyancing can take up to 12 weeks.

What if you miss the cut-off date? 

There is no need to be discouraged if you do miss the cut-off date. Some experts suggest that you may, in fact, be better off waiting on your property purchase. While your tax bill will go up in April, demand is likely to begin to cool off. As the frenzy calms, you might be able to negotiate on the asking price to find an even better deal on your new home.