It is no secret that the property market is currently booming with assistance from the Government’s temporary reduction in Stamp Duty Land Tax (SDLT) from the 8th July 2020 to the 31st March 2021 – but how has it impacted those working within the sector?
In these unusual times, property solicitors are seeing a significant increase in new enquiries and instructions, as buyers are looking to take advantage of the SDLT holiday. This has put considerable strain on property solicitors, Lenders, Local Authorities, and other property businesses in order to cope with the increased volume of work. According to Halifax, the average price of a home in the UK topped £250,000 for the first time in October 2020, with prices up 7.5% compared with the preceding year (The Guardian). This has been the strongest rate of annual growth since June 2016.
Despite calls to Chancellor Rishi Sunak last month for an extension of the holiday, those within the property market are desperate for some clarification as the deadline looms closer. With Christmas right around the corner, there is an obligation to keep pressing on, despite the impact of potential delays around the holiday season. The property market has increased so dramatically as of late, that it is now commonplace to find many solicitors turning away potential clients or new instructions, or otherwise managing their client’s expectations. This is due to the unprecedented high volume of work, pressure, and the ever-increasing number of pending deadlines.
Some sources are even saying that those who are just now instructing on matters will not complete on their purchases in time for the Stamp Duty holiday. It is important that we, as solicitors, are communicating to all potential clients that some matters may not complete (and cannot be guaranteed) due to matters completely outside of our control.
Moral of the story? Please be mindful of the pressure on your conveyancers and property solicitors at this time – we are working as hard as we can to achieve the most successful outcome for you.
Get in Touch
We at Barrett & Co are continuing to take new instructions at this time and if you would like an estimate in respect to your sale or purchase, please do not hesitate to contact our residential property team at [email protected] call on 0118 958 9711 and we would be delighted to assist you further.