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Falkirk, Scotland is the fastest moving property market in the UK, with properties taking an average of just 20 days from listing to ‘sold subject to contract’ status.
So says property portal Zoopla which has reported a rush from buyers hoping to capitalise on the current stamp duty holiday before it expires next year.
Many may be hard pushed to complete their deals before the 31 March deadline. It is reported that local authority searches are taking considerably longer than usual and under-pressure conveyancers faced are battling with an influx of work. Buyers are being warned that not all December deals will be completed in time.
Meanwhile, the race is on. Deals agreed in Bridgend in Wales and Waltham Forest in London are taking just 24 days from Ad to admin.
The Midlands as a whole is leading in the speed stakes with eight of the top 20 fastest markets, including Nottingham, Stoke-on-Trent and Redditch
Most properties in the South are selling at a slower pace. Waltham Forest is the only Greater London area in the top 20. Only two other locations in the south of England, Bristol (30 days) and Dartford (30 days), feature in the list.
Overall, three-bed, semi-detached properties are the fastest moving property types, while properties in the £100,000 – £150,000 price bracket are the fastest moving
‘With a potential saving of up to £15,000, the rush from buyers to benefit from the stamp duty holiday is very much on’, said Zoopla consumer spokesperson Tom Parker. ‘Of course there is still a significant amount of work to be done once a property is under offer, but properties being snapped up quickly by eager buyers is the first hurdle to leap if you want to make that saving’.