Date Published 01 June 2021
With the stamp duty holiday relief for the first £500,000 of the purchase price coming to an end on the 30th June, the legal system faces the biggest conveyancing logjam in a decade. Earlier this month, Rightmove reported that more than 700,000 homes across Britain are listed as Sold subject to contract and nearing completion as conveyancers struggle to keep up. It's reported that this is the highest number of sales that the property website has recorded over the past 10 years.
With the average house price in Highgate of £1,257,177 over the past 12 months this provides someone buying their next home a saving of £15,000.
The majority of sales in Highgate over the past 12 months were flats with an average asking price of £646,897 so again this would save the purchaser £15,000. On average, terraced houses sold for £1,400,182 and semi-detached houses fetched £2,132,848.
Rightmove reports that sold prices in Highgate over the last year were 11% up on the previous year and 9% up on the 2016 peak of £1,148,995.
With the June stamp duty holiday coming to an end in 2 weeks, buyers are rushing to complete their purchase placing even bigger pressure on the conveyancing system.