Buyers who were aiming to capitalize on the 30th June stamp duty holiday deadline will have missed out if their property exceeds the £500,000, as there are now less than 70 days until the tapering of the extension begins.
The transaction time for the average first-time buyer 99 days to complete, whilst an existing homeowner move takes on average 88 days to complete. This time doesn’t include the time it takes to market a property, although with the demand on properties at the moment, this time has been reduced.
Jo Thornhill, finance expert at MoneySuperMarket, says:
“The stamp duty holiday extension has been hugely popular but those seeking to take advantage of it better hurry with the deadline now less than 10 weeks away. With the average home purchase taking 77 days to complete, many will be cutting it fine.”
On Monday the Government revealed their 95% loan to value mortgage scheme, with lenders set to announce their new products imminently. MoneySuperMarket has seen s 71% increase in the number of first-time buyer enquiries with regards to 95% mortgages between 12th and 19th April.
Jo Thornhill added:
“While we welcome the government’s moves, there remains a long way to go if we’re going to see a reduction in the challenges that exist for first time buyers. We’d like the government to think about long term solutions for making home ownership a reality … particularly those who think it is out of their reach.”
