The UK’s housing sales pipeline is at its busiest point in 10 years as buyers rush to beat the stamp duty holiday deadline.

Across the country there are currently 704,000 sales going through conveyancing, a decade-high, according to data published on Wednesday by property website Rightmove.

In addition, over 700,000 homes are currently going through the sales process, 78% higher than May 2019.

Among buyers hoping to benefit from the Chancellor’s stamp duty holiday, just 4% would scrap their plans to purchase a property should they miss the deadline, says a Yahoo Finance report.

“The easing of restrictions, extended stamp duty holiday, better mortgage availability for first-time buyers, race for space and relocation plans have all combined to create the biggest conveyancing logjam we’ve ever recorded over the past ten years," said Rightmove’s director of property data Tim Bannister.
"We really hope those who had at least four months to make it through to completion will make it in time to beat the first stamp duty deadline, but with the tapering until September many will still make some savings so all will not be lost."
Although there are several buyers attempting to make the June deadline, research by Rightmove shows those planning to complete by September in England showed the stamp duty holiday is not the predominant reason for moving.

Just 29% said they wanted to make the most of the stamp duty holiday, whilst the most popular motives for moving are to find a bigger home and relocating to the coast or countryside.

Of the total 704,000 sales going through, 220,000 were classed as Sold Subject to Contract between July 2020 and the end of February 2021 in England, and have not yet completed.

The average time from sale agreed to completion is four months.