The impacts of COVID19 on the property market

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.

Further Reading:

How do I protect my money when buying a house?

Self-Isolation Employment Rules

Thinking about buying your first home? Have you considered this?

 

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Lockdown 2021

Business as usual in unusual times. We are continuing with all legal work during Lockdown 2021. We are still working hard on behalf of clients old and new. We are still conducting most meetings by telephone and/or via conferencing facilities. In particular we are pleased to continue to offer our fixed fee meetings of £95 inclusive of VAT for one hour, to enable clients to explore any new legal matter with which they are concerned.

We have reduced numbers of staff in our office as many employees are working from home where possible via email/video/telephone calls. (All data is secure.) Please do not come into our offices without an appointment. Thank you for your ongoing and loyal support and on behalf of everyone at Barrett and Co Solicitors we hope you remain safe and well. Please do email or call us for our virtual appointments on 0118 958 9711 or email [email protected] (or the direct email address of your Barrett & Co contact).