Published:
3:21 PM June 4, 2021
According to Hackney had some of the longest turnaround times for local authority searches, needed when purchasing a new home.
- Credit: PA Wire/Press Association Images
With just over three weeks to go until the stamp duty holiday ends, research suggests Hackney people have the lowest chance of completing a purchase in time.
Analysis by online mortgage broker Mojo Mortgages looked at the average conveyancing times for the purchase of a home, which are often dictated by the time taken for local authority searches to be returned.
A local authority search is a query into the local area and land where a property for sale resides. They are a vital part of the conveyance process which describes the legal process of transferring property from one owner to another.
Jonathon Rich checks out his Marlborough estate agency window London buyers are flocking to Marlborough in what local estate agents are describing as ‘astonishing’ times in the property market. And they are going for the top end of the market, with properties in the £800k - £1.5m bracket going well. “The market has been very busy,” said Jonathon Rich, of Brearly Rich, a Marlborough independent agent. “Particularly so since the decision on BREXIT and since the stamp duty holiday was announced. “It has all gone to a different level. The market was building anyway, but with Brexit, Covid and stamp duty it has got very busy indeed.”