There has been a surge in property market activity since Chancellor Rishi Sunak announced his stamp duty break in July, but experts say half of all sales will not be completed in time.
Buyers who beat the deadline can save a maximum of £15,000 on a £500,000 purchase but many are likely to pull out if they are not going to benefit, collapsing chains and pushing down prices.
Sales typically take three months to complete but the surge in demand, combined with the lockdown, has slowed mortgage approvals, property valuations, conveyancing and local authority searches.
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October 28, 2020