Home moving costs double as buyers swarm stamp duty holiday deadline
Moving costs and the time it takes to buy a property have doubled as home buyers struggle to keep their businesses by August 30.
Overstretched transport companies have increased fees amid massive demand from home buyers before the maximum tax saving drops from £ 15,000 to £ 2,500 by the end of this month.
Beth Rudolf from the Handelsvereinigung Förderverein said: “The effort and thus the fees have at least doubled.”
In a typical market where a transaction takes 10 weeks to complete, buying a property takes 10 hours of work, said Ms. Rudolf. But now an increase in demand means that the transaction time is 20 weeks. “That’s an extra 10 weeks to update all other parties and stakeholders, with 30 minutes a week to move the case forward, plus the extra time to look for data and answers.”
She added, “This has created situations where members have had to stay on the phone for up to three hours to reach overburdened lenders to confirm whether funds will be released.”