When is your stamp duty deadline?
Property delays are worse in the East Midlands and East of England, while house buyers in the South East have until Christmas Day to start the process, according to new data from online mortgage broker Trussle.¹
The median number of days from starting a mortgage application to completing your property purchase calculated by Trussle, shows that it currently takes around 115 days to get a mortgage and complete on a property in the UK². This means that the 6th December 2020 marks 115 days before the stamp duty holiday deadline of 31 March 2021.
As a result of the coronavirus pandemic, there have been significant delays to mortgage applications and the average time from mortgage submission to approval has increased by 50% since this time last year (from 16 days to 24 days)³.
In a bid to help consumers in their journey to buy a house, Trussle has identified the median time per UK region it will take from mortgage application to property completion, creating a helpful guide on the stamp duty holiday deadlines.
The data shows that the average completion time differs across the country, and also depends on the type of property you are buying. For example, the median time it takes in the South West at 96 days and North East at 111 days, is significantly shorter than for those buying houses in the East Midlands and East of England, which is 166 days and 157 days respectively.
The data also shows that average time from application to completion differs by property type depending on detached, semi-detached, terraced or flat. Currently they are faster in Scotland and the South East and slower in the East Midlands and East of England.
Trussle has also identified the top five fastest lenders in the UK based on its data. Finding that on average lenders take around 20 days to approve new mortgage submissions. The time to approve mortgages has increased significantly since the start of the coronavirus pandemic. The average was closer to 10 days in 2019 and up until June 2020.
The fastest lenders in September 2020 when it comes to mortgage approvals were⁴:
Barclays - 10 days
Halifax - 14.5 days
BM Solutions - 17 days
Coventry Building Society - 18 days
HSBC - 19 days
Miles Robinson Head of Mortgages at Trussle comments, “The stamp duty holiday deadline is looming, which is understandably causing concern. There are delays across the market and we are urging buyers not to delay their mortgage application if they want to take advantage of the stamp duty holiday before the holiday ends on the 31 march next year.
We hope that this guidance provides helpful timelines for those in different regions across the UK. We must also advise that those looking to buy a new home should make sure they budget enough to pay the stamp duty land tax, just in case the purchase does not complete before the deadline.
If a buyer were to pull out after they’ve already exchanged, sellers may be in a position to sue for consequential loss at this point, and buyers may lose their deposits. This is going to cause a lot of stress and uncertainty for customers over the coming months, and we’re urging all buyers to take the necessary preparations.”
For further information, please contact:
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. Source: Data based on how long it took Trussle customers to go4. 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. 2. As above
3. Source: Trussle data October 2020 vs October 2019 4. Source: Trussle data based on how long it takes mortgage lenders to approve mortgages after we submit them. Keep in mind that not all lenders take on complex mortgage cases.
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In September 2016 Trussle launched an industry-first partnership with online property portal Zoopla, making it possible to find and buy a home in one seamless experience. Trussle is backed by some of Europe's leading technology investors including Orange Growth Capital, LocalGlobe, Ed Wray (founder of Betfair), Ian Hogarth (founder of Songkick), Seedcamp, and Zoopla Property Group.
Trussle is a trading style of Trussle Lab Ltd, which is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.
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