Just over 100 days until the stamp duty holiday officially ends, Trussle reveals the regions of the country most likely to see a sale go through before 31st March
Fastest region revealed as the North West, whereas mortgage approvals are taking the longest in the South West¹
Trussle’s new stamp duty calculator reveals lenders and locations where mortgages are likely to be approved the quickest
HSBC revealed as the fastest mortgage lender across England²
17th December - As we approach 100 days until the stamp duty holiday officially ends in England & Northern Ireland, many will be racing against the clock to get their purchase over the line. However, transactions are being held up for a variety of reasons, including delays with surveys, conveyancing, mortgage lending and the Christmas period means that many may miss the deadline and could potentially need an extra £15,000³ to complete their purchase.
To help customers stay in control of their house sales and purchases, Trussle has launched a new online stamp duty calculator which shows savings pre and post March 31st, as well as highlighting the quickest lenders when it comes to approving mortgages.
The length of time differs greatly from region-to-region. As figures stand, the fastest approval time for a standard flat is in Yorkshire & The Humber, which takes on average 19 days.⁴ However, a semi-detached home in the West Midlands has the quickest mortgage approval turnaround of just 17 days, with the South East & North East slightly slower at 19 days.⁵ The Trussle stamp duty calculator enables customers to check these timings to help them understand the current marketplace and specific mortgage lenders per region are also listed.
From a UK wide perspective, however, the five lenders with the fastest mortgage approval times in November 2020 were⁶ -
HSBC – 10 days
BM Solutions – 13 days
Halifax – 14 days
Accord – 14 days
Barclays – 19 days
According to Trussle’s own data, the average time it takes to approve a mortgage still stands at 22 days, in comparison, it took just ten days during November 2019⁷. The unprecedented levels of demand look set to continue into the New Year in a bid to catch the stamp duty holiday deadline. At the onset of the pandemic, mortgage delays were a contributing factor to much longer property completions. Earlier this year, Trussle calculated that property completion times had risen to around 115 days in the UK⁸, in line with predictions provided by other industry experts.⁹
Miles Robinson, Head of Mortgages at Trussle, comments:
“Like many other sectors, the property market has had its ups and downs in 2020. However, the stamp duty holiday in England and Northern Ireland has been a lifeline for buyers and lenders alike, giving a much needed boost to the market.
As the deadline approaches it’s important that customers feel in control of their purchase and avoid any unwelcome surprises at the end. There has not yet been an agreement to extend the stamp duty holiday, or modify it in a way to allow those who exchange before this date to benefit. Therefore, it’s important that borrowers are equipped with as much knowledge as possible, so they can make an informed decision on their house purchase.”
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We’ve taken extra care to ensure the information provided within this release is presented in a way that’s compliant with regulatory requirements. If you have any questions about how to repurpose this information or require any further assistance, please contact Leilah Mackie at Trussle.
1. Trussle internal data based on how long it takes mortgage lenders to approve mortgages after we submit them November 2020
8. Data based on how long it took Trussle customers to go from signing up on our website to completing their property purchase over 90 days up until 21 October 2020. This information is for guidance only
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