Companies need to ensure their processes are “stamp duty ready” to avoid a bottleneck and ensure service is maintained, a technology firm has said.
According to Target, a digital transformation, software and business process outsourcing firm, companies that do not adequately prepare for the stamp duty deadline risk their processes being “overwhelmed” and “delays and disappointment” for customers.
The stamp duty holiday, which was brought in during September 2022, meant buyers of properties up to £250,000 would be exempt and the first-time buyer limit for no stamp duty was increased to £425,000. This holiday is due to end in April.
Target warned that first-time buyers and homemovers would be rushing to complete transactions by the end of March, leading to a “spike in activity” that could pile pressure on firms.
The company said that, in the past, the ending of stamp duty holidays has heightened the workloads of brokers, lenders and conveyancers, with other parts of the chain like HM Land Registry also subject to backlogs.
Target said the market should “learn from these previous disruptions and ensure they are ready to meet demand”.

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The firm said missing the deadline not only meant higher costs for borrowers, but was also a reputation risk for companies and potentially risked the relationships between lenders and brokers and brokers and clients.
Target said the firms should invest in technology to improve their processes, so their capacity and efficiency is improved.
Melanie Spencer, sales and growth lead at Target, said: “Given how bloated transaction times have become, there’s every chance that those in the process or getting ready to move will have likely missed the boat.
“While a good broker will already be having this conversation with clients to manage expectations and make the necessary adjustments to budgets, it won’t stop buyers from trying. Firms absolutely need to prepare for a spike in activity and be ‘stamp duty ready’ before the new thresholds take effect.”
She continued: “For those that remember the previous stamp duty holiday, the scars will still be very fresh. Arguably, many sectors are still recovering as workloads became unrealistic, client expectations were high, and people left the industry. To avoid something like this again, firms at every level need to be looking at their processes and their current systems to ensure they can keep pace if things escalate again.
“There’s no doubt technology will play a critical role, helping to drive efficiencies in mortgage application, lender decision-making and throughout the entire process to help facilitate transactions and minimise the burden on firms and their staff. Outsourcing key processes will be an asset too, as firms look to avoid operational strain, maintain service and avoid reputational damage.”