The Stamp Duty Holiday is due to end at the end of next month after almost a year. Along with low-cost mortgage lending as 95% mortgages return, the housing market has been booming. The number of sales agreed are up by 55% on the same period two years ago, according to Rightmove, who also report that the time spent on Rightmove exceeded two billion minutes in March 2021 for the first time ever!
These factors have certainly helped to keep the housing market buoyant however it has put huge pressures on Conveyancing Teams who are handling considerably more files than usual, in some cases more than double the standard caseload. With the Stamp Duty Holiday ending on 30th June buyers are keen to complete as soon as possible so this is an extremely busy and demanding time.
So, what is going to happen next?
In my role as a specialist Recruitment Consultant in the legal sector, I speak to Law Firms, Property Solicitors and Conveyancers on a daily basis and in the main they remain confident about the future. The market is still very active, with more people working from home and after being cooped up during lockdown, the demand for larger homes with gardens is much higher. Although the Stamp Duty Holiday will soon end, the continued low cost of mortgage borrowing is likely to encourage activity in the market. The expectation of the inevitable bust after the boom is mostly unexpected as we emerge from the pandemic and start to see the economy recover.
Property Solicitors and Conveyancers are in high demand, with many firms using the Stamp Duty Holiday as a springboard for growth in their Conveyancing Departments. However, many Property Solicitors and Conveyancers simply don’t have the time to update their CV’s or look at their next career move whilst they are so busy so there is little movement within the discipline.
This is where we can help. If you are considering your next career move, but simply don’t have the time to update your CV and look at the market, please get in touch. We will listen to what makes you tick, why you are looking to move and what you are seeking in your next firm. We can then consider the firms that are the best fit for you and approach them on your behalf.
Sources:
https://www.rightmove.co.uk/press-centre/house-price-index/april-2021/