The rush to finalise home purchases before the Stamp Duty Land Tax (SDLT) deadline may have ended, but the push for quicker completions needs to remain.
Data from 2024 showed that the average time to complete a property transaction in 2024 was 160 days*. Even with the rush to beat the SDLT deadline, the industry must not lose focus on speeding up the homebuying process for everyone involved.
The SDLT deadline brought the pressure to all parts of the transaction process, as the industry needed to move faster and push through completions at volume.
Unfortunately, many homebuyers lost out on the better rates as they grappled with the current completion timelines which, overall, are too long and vulnerable to bumps in the road.
As a result, there were many missed opportunities and wasted time for Estate Agents and other parties. Some buyers had to drop out of chains entirely or stretch their budgets, adding a further strain in what is an already challenging financial climate
Data from Rightmove estimated that first-time buyers who did not complete on time were likely to be extra vulnerable and were forecast to be hit with an additional £34 million in tax collectively.
With the deadline now passed, the property sector needs to work together to achieve faster completions and a more efficient homebuying process.
iamproperty is proud to bring speed to property transactions through our Auction solution, and to Private Treaty transactions with our Premium Conveyancing service within movebutler. In March, iamproperty’s Conveyancing teams achieved a record number of Auction completions, helping 1,182 buyers to beat the deadline – which was 40% up on the same month in 2024. On the final day of the month alone, the team pushed through double the number of daily completions.
The need to speed up completion timelines hasn’t disappeared. Everyone involved in the homebuying process deserves to experience speedier, smoother and more successful sales. The timing of the government recently announcing its plans to digitise the homebuying process also can’t be a coincidence, while the spotlight is on the industry.
Key to this change needed is the industry embracing technology to get properties exchange-ready faster. By gathering all the legal information upfront, including a pre-sale title check, legal searches review, and raising and addressing standard enquiries, unnecessary delays are minimised which goes a long way to reduce the chances of a sale falling through. We see this with our Premium Conveyancing service which achieves an average completion time of 79 days with just a 7% fall-through rate**.
Find out how Premium Conveyancing can help you speed up Private Treaty transactions by putting Material Information at the forefront.
A version of this article originally appeared in The Negotiator; you can find it here.
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