Seven out of 10 (71%) homebuyers with accepted offers expect to miss the 31st March stamp duty deadline, with the slow conveyancing process cited as the primary cause of delays, latest research from Benham and Reeves reveals.

The survey of over 1,000 UK homebuyers – all of whom have had an offer accepted but not yet completed – found that 62% experienced a longer-than-expected buying journey.

As a result, thousands of buyers now face unexpected stamp duty costs that could significantly impact their finances.

When asked about the biggest hurdles slowing down their transactions, buyers pointed to conveyancing delays (38%) as the most common cause of hold-ups. Survey delays (28%) – with longer-than-expected turnaround times – and difficulty finding the right property (25%) all added to the timeline.

HOMEBUYER COST

Failing to complete by 31st March means many buyers will be forced to pay thousands more in stamp duty land tax (SDLT) – a financial burden that could cause some purchases to collapse.

Marc von Grundherr, Director of Benham and Reeves, says: “Many homebuyers underestimate just how long the property purchasing process takes, leading to frustration when delays occur. Even the most proactive buyers can struggle with drawn-out timelines, and unfortunately, the conveyancing process is often the main culprit.

For those hoping to beat the SDLT deadline, the impact of these delays is significant – it could mean the difference between securing savings or facing a tax bill that some simply cannot afford.

“As a result, many buyers may be forced to reconsider their position in the market.”