House sales taking 295 days to complete thanks to Covid

UK house buyers and sellers now wait for almost ten months to get their hands on keys and cash as the demand for property sees councils and legal professionals buried under an avalanche of admin.

A deep dive into data from property websites and the Land Registry has revealed the runaway impact of the stamp-duty reprieve for properties worth up to half a million pounds, which was introduced in July last year to keep the housing market afloat in the face of Covid lockdowns.

The resulting stampede to complete purchases worth up to £500,000, potentially saving up to £15,000 in tax, means the average time from listing a property to handing over the keys is up by a month and a half compared with this time last year.

By Kate Hughes, please read the full article on independent.co.uk.

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