Delays across the house buying sector mean that a significantly high number of property purchasers are unlikely to benefit from the stamp duty holiday.

With the market currently experiencing a number of delays, owed in part to pent-up demand from buyers, transactions are taking longer to go through than normal, which means that buyers wanting to take advantage of the stamp duty holiday, which will be in place until 31 March 2021, need to get the ball rolling sooner than usual.

Kevin Roberts, director, Legal & General Mortgage Club, commented: “The government’s stamp duty holiday has helped to encourage many hopeful buyers to press ahead with their homeownership plans, providing a much-needed boost to the economy.

“However, those wishing to take advantage of the ‘holiday’ will need to plan carefully to avoid missing the March 2021 deadline, particularly if they have their own property to sell first.”

The introduction of the tax break for such a short time has succeeded in pushing up property sales and prices but various experts warns that many buyers risk missing out unless the deadline is extended.

Online broker Trussle said it was currently taking 115 days to complete a home purchase, meaning buyers would need to make a mortgage application on a property by 6 December.

Miles Robinson, head of mortgages at Trussle, said: “It’s likely that the heightened demand from buyers, and a race against the clock to meet the stamp holiday deadline was the driving force behind rising property prices last month. However, it’s possible that those beginning their home ownership journey in October could still miss out on the tax break.

“A surge in demand has created a bottleneck of transactions and it’s likely that around half of sales agreed after October 22nd won’t be completed in time to make the stamp duty holiday deadline.

“Our own data has revealed that it currently takes around 115 days to get a mortgage and complete on a property in England.

“In the coming months we’ll likely see the market begin to slow as a second wave of coronavirus hits the UK. While the market remains open for business and the furlough scheme has been extended, the property market may still need to be propped up with further support.

“We’d encourage the government to consider granting the stamp duty holiday to anyone who has exchanged on a property by 31st March 2021. We believe this is the fairest way to support buyers during these unprecedented times.”