An estimated 73.9% of brokers would like to see the stamp duty holiday extended, according to the latest broker survey by Twenty7Tec.
An estimated 73.9% of brokers would like to see the stamp duty holiday extended, according to the latest broker survey by Twenty7Tec.
Looking to the impact of the holiday, between 8 July 2020 and 24 February 2021, mortgage searches were up 43.78%.
The data also shows that residential searches were up 47.93%, buy-to-let searches rose by 26.87%, and purchase documents were up 56.61%.
However, remortgage documents were down 9.63%.
According to the firm, remortgage documents are now in the minority at 38%, whilst purchase documents have reached 62%.
Prior to the stamp duty holiday the split was 51.5% to 48.5%, in favour of remortgages.
On a regional basis, in London, total mortgage searches were up 17.07%, residential was up 23.6%, however buy-to-let searches were only up by 3.83%.
Looking to Manchester, mortgage searches during the stamp duty holiday period were up 16%,residential mortgages searches rose by 4.54%, and buy-to-let grew 53.26%.
In Wales, the total number of searches reached 48.99%, residential searches were up 54.59%, and buy-to-let searches noted a 29.32% rise.
James Tucker, founder and chief executive of Twenty7Tec, said: "Our broker survey showed an overwhelming enthusiasm for a stamp duty holiday extension.
“There's been an assumption that everyone is happy to extend the stamp duty holiday. However, whilst it has meant an increased level of demand at many points across the property buying spectrum, it is not universally welcomed.
"Conveyancers have stated this week that many of them are happy to see it end at the end of March as they are, frankly, exhausted and trying to catch up with their commitments.
“Some solicitors have suggested that an extension should only apply to existing offers – though that feels hard to quantify and monitor.
"Lenders have been balancing their risk for almost a year now and seem to be finally coming round to products offering over 90%LTV – the stamp duty holiday extension will quite likely fuel further demand for these products.
“At a time when lenders risk appetites are starting to slowly return, could the stamp duty extension delay many lenders from returning more mortgage products in the short term, while they cope with yet further influx and heightened demand?
"As you will see from our findings, the benefits have not been uniform or universally felt. Some regions have fared a lot better than others since the announcement of the stamp duty holiday.
“But it's nuanced and the Chancellor may wish to check if it tallies with the government's broader 'levelling up' North/South agenda."
