The rush to take advantage of the stamp duty holiday has led to conveyancers and lenders struggling to keep up.

Data this week from TwentyCi found the number of homes placed on the market in the three months to September was up 36% on the same period last year, while sales agreed were up 53%.

However, the number of contracts exchanged in the third quarter was down 40% compared with 2019, suggesting significant “pinch points” among professional services firms such as surveyors, conveyancers and mortgage lenders.

Legal & General Mortgage Club found the time taken between a mortgage application to a mortgage offer had expanded from less than two weeks before the pandemic, with 30% saying it was now taking 3-4 weeks and 32% estimating 4-8 weeks.