Skipton International, the Guernsey bank specialising in UK buy-to-let mortgages for overseas residents, has seen its UK mortgage pipeline double.
Since July, following Chancellor Rishi Sunak’s announcement of a stamp duty holiday on UK property, there has been a rush of investors wanting to purchase before the completion deadline of 31 March 2021.
Roger Hughes, business development manager of Skipton International, said: “As the scramble to complete before the Stamp Duty and Land Tax deadline arrives, we expect a very busy Christmas period and first quarter of the year.
“The localised UK Covid lockdowns have resulted in some issues for surveyors being able to visit properties. Also, some councils are reporting delays in being able to return search information.
“With high levels of demand the average time to process mortgages is increasingly significantly. Skipton is still turning around fully packaged applications within a week, but like the rest of the market we are then experiencing additional survey and conveyancing delays.”
Zoopla, reported the housing market is set to have its strongest December for more than a decade and anticipates a further uplift in January 2021, as purchasers attempt to beat the stamp duty deadline.
This post has originally been featured in Property Wire.