Stamp Duty Deadline: Less than 10 weeks to complete sales Brighton News

With 70 days from the extension deadline, MoneySuperMarket has shared its latest mortgage research to help educate buyers.

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The average time to close a real estate sale is around 77 days, just over 70 days left and that drops to 99 days for first-time buyers.

This means that many early stage buyers are likely to be in a rush to complete their new home.

The program was originally scheduled to end in March, but was extended to June 30 in the chancellor’s March budget.

The move triggered a 421 percent increase in mortgage inquiries on the MoneySuperMarket site and nearly two-thirds of home hunters are in the housing market as a result of the scheme.

There are less than 10 weeks left to finalize the sale of your property if you wish to take advantage of the tax holiday (PA).

First-time buyers most likely to take advantage of the tax holiday – 25- to 34-year-olds most likely to take advantage, 71% having bought a home or saying they intend to do so as a result of its introduction.

Jo Thornhill, financial expert at MoneySuperMarket, said: “The stamp duty holiday extension has been extremely popular, but those looking to take advantage of it should hurry with the deadline now just ten weeks away.

“The average home purchase taking 77 days, many won’t. However, if you’re free from chains and just started looking, you should still have enough time if you act now. ”

Although the stamp duty holiday program is coming to an end, Chancellor Rishi Sunak announced a 95% mortgage guarantee program launched on Monday to help people move up the real estate ladder.

Government 95% mortgage guarantee – the situation is improving for first-time buyers

The same research by MoneySuperMarket also reveals an increase in the number of mortgages to 95% in the market.

There are 70 offers currently available, up from 12 at the start of the year – an increase of 483% – although still a substantial 67% drop from the 214 offers that were available to homebuyers in January 2020.

First-time buyers should still benefit from the new 95% mortgage regime (stock)

MoneySuperMarket saw a 71% increase in inquiries from first-time buyers looking for a 95% mortgage in the seven days between April 12 and April 19 when the announcement was made.

Ms Thornhill said: “Our research shows that the situation for first-time buyers is slowly improving: there are many more 95% LTV transactions on the market than in January and, following the launch of the new mortgage guarantee of 95% of government. On Monday, the availability of mortgages for buyers with a 5% down payment is expected to increase.

“While we welcome the measures taken by the government, there is still a long way to go if we are to see a reduction in the challenges that exist for first-time buyers.

“We would like the government to think about long term solutions to make home ownership a reality for more Britons, especially those who think it is beyond their reach.”