Over a million Brits rushed purchase to beat initial stamp duty holiday deadline
An estimated 8% of Brits or 1,229,000 people, rushed to complete transactions dependent on the stamp duty holiday without all the proper paperwork, according to Moveable.
Research collected by the house buying app also shows that 7% of Brits outlined that they are living in dilapidated homes because they rushed through a property purchase, but do not have the budget to renovate.
Simon Bath, chief executive of Moveable, said: “The initial deadline for the end of the stamp duty holiday undoubtedly created and environment of rushing to complete before missing out on a discount or thousands.
“This has, however, meant that millions are now in a situation where they are feeling short-changed or without proper documentation that can be crucial to selling the house on.
“Our data shows that this has happened to a large section of home buyers and sellers, and no wonder when longwinded processes and confusing requirements mean that buying a house is not straightforward at the best of times.
“When solicitors and conveyancers are so stretched, mistakes seem inevitable.
“The use of a concierge app such as Moveable can speed up each process and make it easier to complete each step in the right order, ensuring nothing is left out to hold up the process.
“This will be crucial as another stamp duty deadline approaches. “