Property transactions jump 27% in one month
The number of property transactions registered in England and Wales jumped 27% between November and December 2020, the Conveyancing Market Tracker from Search Acumen found.
The final month of 2020 saw 73,142 completed transactions logged by conveyancing firms, up from 57,632 in November 2020.
The number of active conveyancing firms has recovered from a low during the first pandemic-induced lockdown, increasing by 58% to 3,808 in Q4 from a low of 2,411 in Q2 2020.
Andy Sommerville, director at Search Acumen, said: “This latest data reveals how much more resilient the property market has been to pandemic-induced shocks compared to the wider economy.
“The surge in activity in the property market can be largely attributed to buyers rushing to capture the savings on offer through the higher stamp duty threshold.
“Demand has also been stimulated by a change in consumer appetite for properties outside of cities with access to green spaces, as more people than ever before are working from home.”
He added: “The stamp duty deadline has put enormous pressure on the conveyancing industry and the traditional processes underpinning much of it, not to mention putting lawyers’ stress levels and patience to the test.
“This capacity crunch is set to escalate over the next few months and stretch the limits of existing working practices. The conveyancing market is crying out for innovation to better respond to consumer demand.”