Those hoping to complete their property purchases before the stamp duty deadline may struggle to beat the clock as the average transaction takes 152 days
Changes to the stamp duty threshold have spurred a flurry of activity in the property market(Image credit: Getty Images)
As the April 2025 deadline looms for the end of current stamp duty relief thresholds, homebuyers are scrambling to finalise their transactions.
However, with the UK’s property transaction process averaging 152 days to complete, many are finding themselves at the mercy of delays that could cost them thousands in additional taxes.
We look at the complexities people are facing when buying a house and why you should be looking to get your purchases done as soon as possible.
Why are property transactions soaring?
Under the current rules, first-time buyers enjoy no stamp duty on properties costing up to £425,000, with reduced rates for homes up to £625,000.
After April, these thresholds will revert to lower levels, adding a significant financial burden for those buying after the deadline.
Tim Bannister, a property expert at Rightmove, explains: “A typical first-time buyer could be over £3,500 worse off come April. After paying fees, stretching their budgets with high mortgage rates, and handling other costs, this additional charge will be an unwelcome burden.”
The financial implications have triggered a surge in demand, with buyers and sellers eager to finalise deals before the deadline.
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As Marc von Grundherr, Director at national estate agents Benham and Reeves, aptly puts it: “Nothing supercharges the property market quite like a stamp duty deadline. Buyers are flooding the market, but delays mean many may miss out unless drastic changes are made.”
Marc von Grundherr
Marc has been a Director at Benham and Reeves since 2001, overseeing rental operations and developing new business. As a property expert, Marc frequently contributes to national media, including the BBC, Bloomberg, and major publications like the Times and the FT.
Tim Bannister
Tim Bannister joined Rightmove in 2010, initially working in our lettings division before transitioning his focus to insights. As the current Director of Property Science, Tim leverages data, technology, and analytics to create distinctive insights that inform and guide property-related decision-making processes.
Despite record high house prices property transactions are increasing(Image credit: Oleksandra Yagello/Getty Images)
What’s causing the delays?
The UK’s property transaction process is notorious for its inefficiency, with an average sale taking 152 days to complete from agreement to finalisation, according to Rightmove.
Several factors contribute to these lengthy timelines:
Local Authority Searches: Searches for planning permissions, environmental issues, and land charges can take weeks, with some councils requiring up to 10 weeks to complete these checks. Marc von Grundherr comments: “Delays in local authority searches are a key reason for the lengthy timelines. The lack of uniformity across councils only adds to the problem, creating uncertainty for buyers and sellers alike.”
Overloaded conveyancers: Conveyancers are stretched thin, often juggling too many cases due to high demand and shrinking profit margins. Verona Frankish, CEO of hybrid agency Yopa, highlights the issue: “Conveyancing delays are particularly frustrating in a market where speed is crucial. Overloaded solicitors and outdated systems mean transactions drag on far longer than they should.”
Manual processes: Despite advancements in technology, much of the property transaction process relies on manual paperwork. Identification checks, property forms, and bank verifications are often handled through outdated systems.
Chain dependencies: The UK’s chain system means that one delayed sale can disrupt an entire sequence of transactions. Guy Gittins, CEO of Foxtons, observes: “The chain system adds layers of complexity. A single issue can derail multiple sales, adding stress and time to an already drawn-out process.”
Verona Frankish
Verona is the CEO of Yopa, the UK's second-largest hybrid agency. She has nearly 20 years of experience in the property industry as she started in high street retail before transitioning to mortgages where she became MAB’s business development director.
Guy Gittins
Guy became CEO of Foxtons in September 2022, bringing extensive sector and leadership experience. He previously served as CEO of Chestertons and held key roles at Savills and Peter de Savary. Guy began his career at Foxtons, later returning to lead Chestertons as CEO in 2018 after roles at their Chelsea office and Savills.
A race against time
With the stamp duty relief deadline fast approaching, buyers are under immense pressure to act quickly. However, the lengthy transaction process means that even highly motivated buyers may struggle to complete in time.
Tim Bannister notes: “It currently takes a lengthy 152 days on average to complete a property transaction. Buyers looking to avoid higher charges need to act now, as time is running out.”
Marc von Grundherr emphasises the stakes: “The property market is surging, but time is against buyers. Acting now is the only way to stand a chance of completing in time.”
What does the future hold?
The inefficiencies in the UK property market have been highlighted by the rush to beat stamp duty changes, sparking calls for reform.
Experts have suggested digitising local authority searches and adopting Scotland’s model, where sellers prepare upfront information to streamline transactions to improve transaction times.
Verona Frankish expresses optimism about potential changes: “We need systemic reform to bring the process into the 21st century. Digitisation and better regulation could significantly reduce timelines and make the market fairer for buyers and sellers alike.”
As the stamp duty changes approach, the pressure is mounting on buyers, sellers, and industry professionals to act quickly. Systemic improvements will not arrive in time to address these challenges, but for now, vigilance and speed are critical for those navigating the property market.
News Editor Joseph has previously written for Today’s Media and Chambers & Partners, focusing on news for conveyancers and industry professionals. Joseph has just started his own self build project, building his own home on his family’s farm with planning permission for a timber frame, three-bedroom house in a one-acre field. The foundation work has already begun and he hopes to have the home built in the next year. Prior to this he renovated his family's home as well as doing several DIY projects, including installing a shower, building sheds, and livestock fences and shelters for the farm’s animals. Outside of homebuilding, Joseph loves rugby and has written for Rugby World, the world’s largest rugby magazine.
