Auction conveyancers are gearing up for a surge in completions today as homebuyers scramble to beat the Stamp Duty Land Tax (SDLT) deadline.
With the threshold set to drop tomorrow thousands of buyers risk significant tax hikes if they fail to complete in time.
iamproperty is preparing for one of its busiest days yet and its conveyancing arm Medway Law has already seen a 100% increase in scheduled completions for the final day of March, with more expected to be added in the coming days.
And recent industry data highlights the high stakes – Rightmove estimates that 575,000 transactions are currently in progress. First-time buyers alone could face an additional £34 million in tax collectively if they miss the deadline.
NO EXTENSION
Since the October budget confirmed there would be no extension to the SDLT rates, iamproperty has seen a surge in buyers turning to auction.
Kelly Stillman, Head of Operations at iamproperty, says: “Every minute counts on what will certainly be a ‘manic Monday’ at the iamproperty offices.
“The team has been working tirelessly to help as many buyers as possible cross the finish line before facing increased tax bills.
“Opting for the speed and security of auction has already helped many buyers complete ahead of time, and we’re putting everything into this final push.”
