The leading trade bodies representing lenders and intermediaries in the mortgage market have both warned that the home buying market is reaching a critical stage and it is now likely that many cases will not complete before the stamp duty holiday deadline of 31 March.
IMLA, which represents 43 UK mortgage lenders, and AMI, the trade body representing the views and interests of mortgage intermediaries, said the market was congested due to the pressure caused by the significant surge in purchase transactions from July onwards.
Those buying properties for less than £500,000 will pay no stamp duty if they complete in time. If they miss the date, however, they will be liable to pay the tax on the value of the property above £125,000 (the threshold for first-time buyers is £300,000).