Last modified on Mon 28 Jun 2021 11.23 EDT
With days to go until the phased ending of the stamp duty holiday, thousands of homebuyers will be desperately hoping they can complete their purchase before Wednesday night, because if they don’t they face having to find as much as £12,500.
A significant proportion of home purchases – some agreed as far back as the spring – are thought to be hanging by a thread as conveyancing solicitors struggle to complete purchases before the 30 June deadline.
It is feared that buyers who have already borrowed up to their maximum limit, but who miss the deadline, will not have the extra funds needed to pay their resulting tax bill and will be forced to pull out – potentially putting a chain of sales at risk. Even before this week, some solicitors have been working until 1am every night in an effort to complete as many sales as possible.
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UK house prices spike 11pc despite looming tax rise
Surging value will continue even when stamp duty increases, experts say as properties jump at fastest pace for seven years
1 June 2021 • 8:45am
House prices rose 10.9pc in the 12 months to May with double-digit increases expected to continue well into the summer.
The average cost of a home reached an all-time high of £242,832 last month, an increase of £23,930 since May 2020.
Last month s 10.9pc increase was the highest 12-month figure for seven years, according to lender Nationwide. The figures chime with those recorded by the Office for National Statistics: house prices grew 10.2pc in the year to March, the highest since before the financial crisis in August 2007.