Leading South East law firm Thomson Snell & Passmore’s residential conveyancing team has seen a huge increase in activity since the stamp duty holiday was first announced last July, and in particular since its extension was revealed in the Budget in March 2021.
The team opened 706 new property transaction matters from 1 January – 30 June 2021, compared to 534 from the same period in 2020 – an increase of 32%.
From when the extension to the Stamp Duty holiday was announced on 3 March 2021 to when it ended on 30 June 2021, 569 transactions were completed and over 140 deals were closed in the last 10 days alone.
The majority of matters have related to properties in London and the South East, but have stretched as far as Cornwall and Norfolk.
Commenting on the figures, Rebecca Swain, head of conveyancing at Thomson Snell & Passmore says: “Although the property market never really stopped during lockdown, it did slow down. This led to a lot of pent up demand for property, which combined with the stamp duty holiday and people’s desire to move to more rural locations and to properties with more space for home working and more outside space, has led to a massive increase in activity in recent months.
“It remains to be seen if this level of activity will continue now that the initial stamp duty holiday on property transactions of up to £500,000 has come to an end. However, until the end of September, there will be no stamp duty to pay on the first £250,000 of property transactions, which may well still lead to significant levels of activity in the market going forward.
“My team, supported by colleagues from across the firm, in particular our finance department, has worked tirelessly in recent months and especially over the last few weeks as we have done our very best to get deals completed ahead of the 30 June. I want to thank them all for their dedication.
“The same can be said of our peers in the industry including estate agents and surveyors, and it is at times like this that we realise we are fortunate to work with so many talented professionals.”