Over a million rush to sell their house without proper paperwork
Simon Bath, CEO of house buying app Moveable, discusses what can be done to help simplify paperwork process and sorting the proper paperwork.
The Stamp Duty holiday announced in July has had a notable impact on the British housing market, with prices recovering lockdown losses and demand hitting record highs in the months leading up to the March deadline. This holiday, now extended to June, led many to get on the housing ladder sooner or rush through transactions to avoid missing out.
That is according to new data commissioned by home buying concierge app Moveable. The research highlights the dangers of rushing into a purchase as serious as a house and the consequences for both buyers and sellers.
The nationally representative survey found that:
- 7% (1,783,000) of Brits agree that they are living in a dilapidated/run down house because they have rushed through a property purchase but don’t have the budget to renovate
- 8% (1,229,000) of Brits agree that the looming end of the Stamp Duty holiday caused them to rush to sell a property, without all the proper paperwork such as for renovations
Simon Bath had this to say about the dangers of record demand and the impact on home owners:
“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.”
Kindly shared by Simon Bath, Moveable
Main photo courtesy of Pixabay
