Thousands of Brits could be missing out on stamp duty holiday savings worth £15k

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Around 200,000 people in the UK could miss out on the stamp duty holiday, it has been claimed.

Back in July, Chancellor Rishi Sunak announced the property market will scrap the fee for homes up to £500,000.

Stamp duty is a lump sum of payment that someone buying a home or piece of land over a certain price has to pay.

It was unveiled in the Chancellor's mini-Budget after house pricesdropped by the largest amount since 11 years.

But despite a tax relief to boost the market during the coronavirus pandemic, thousands could still miss out on the savings.

According to The Telegraph, experts fear the demand caused by the saving could create backlogs in the property market.

If buyers can't afford the stamp duty relief, analysts fear it could then cause them to pull out of purchases.

Property firms claim as many as 200,000 people could miss out on the tax saving.

Tim Bannister, head of property data, said: "We've heard from conveyancers that the congestion means some sales that would usually taking three months are taking around four months.

"There is still a chance to get through before the stamp duty deadline though if you can find a buyer or get an offer accepted before Christmas, as long as you make sure when the ball is in your court for anything that you respond quickly."

Director of London-based estate agent Benham and Reeves, Marc von Grundherr, also warned about delays in the property market.

He added: "This huge level of demand has somewhat overwhelmed the industry, particularly at the back end legal stage of a transaction.

"As a result, while the time it's taking to have an offer accepted has been incredibly quick for most, buyers are seeing the process drag on for far longer than usual before their sale actually completes."

This year saw the biggest house price fall for 11 years as the pandemic "car crash" hit the market.

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