Home buyers who start their mortgage applications now are unlikely to complete their purchases in time to beat the stamp duty hike on July 1, online broker Trussle has warned.

However, these buyers still stand to make stamp duty savings on what they would otherwise pay if they can complete their purchase by September 30, after which thresholds return to their pre-Covid levels.

The advice firm says that sales are currently taking an average of 163 days to complete as a result of delays in local authority searches.

But the broker says most lenders are producing mortgage offers quickly.

The five lenders with the fastest median offer times, according to Trussle’s own data are Halifax at three days, BM Solutions at three days, HSBC at six days, TSB at eight days and Barclays at eight days.

Trussle head of mortgages Miles Robinson says: “The recent extension of the stamp duty holiday is positive news for everyone in the process of buying a home. 

“However, with some looking to make savings as high as £15,000 the race is now on to meet the June 30 deadline. 

“Mortgage lenders are adapting quickly to the challenges caused by the pandemic, and dealing with the sheer scale of demand we’ve seen over the last year. 

“As a result, some buyers can secure a mortgage offer in as little as three working days. 

“However, other stages of the house buying process aren’t moving as quickly. 

“Conveyancers and surveyors are facing extreme delays. 

“Waiting times for land searches in certain areas of the country are very long due to a backlog of cases.

“A collapsed housing transaction can cost buyers £5,439.80, so it pays to be prepared. 

“Those starting a new house purchase now are unlikely to make the June deadline, but they may still be able to take advantage of the Stamp Duty threshold of £250,000, which will come into place from July 1 to September 30. 

“If you’re in the homebuying process or are yet to start, we’d encourage you to use a stamp duty calculator to find out how much tax you could pay if you don’t meet the deadline you are working towards.”