Well over half of property purchases are at risk of either falling through or being delayed if buyers miss the 31 March Stamp Duty deadline.

New research from quick home buyer Upstix reveals that 62% of deals are dependent on being finalised within the next month.

The survey also reveals that a third of buyers (36%) may try to renegotiate the price of their property if they end up paying more Stamp Duty.

Pull out

A quarter (24%) say they may have to borrow money if they miss the cut-off, which could ultimately put their purchase at risk.

Meanwhile, one in five (19%) buyers say they could pull out of their property purchase.

In fact, just a third of would-be buyers surveyed (34%) say they would proceed as planned if they missed the deadline.

The ‘nil rate’ band for home movers will drop from £250,000 back to £125,000 from 1 April, and for first-time buyers, the threshold will go down from £425,000 to £300,000.

We’re seeing a conveyancing crunch that impacts buyers and sellers alike.”

Fred Jones (main image), CEO of Upstix, says: “As thousands of buyers rush to complete their property purchases ahead of the Stamp Duty deadline, we’re seeing a conveyancing crunch that impacts buyers and sellers alike.

“Conveyancers are juggling high volumes of clients, all keen to press forward at speed, and it simply won’t be possible to meet all this demand.”

Take a hit

He says that sellers may have to take a hit on the purchase price to offset buyers’ additional costs. And buyers may have to borrow extra funds.

“Plus, both parties could be at risk of breaking their chains, which could have far-reaching implications for their finances, and their lives,” he warns.

Property fall-throughs ‘likely’ as thousands miss Stamp Duty deadline