UK heading into conveyancy emergency as thousands of homebuyers set to miss out on stamp duty holiday

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Latest Property & Homemovers report from TwentyCi

Thousands of home buyers are set to miss out on Rishi Sunak’s stamp duty holiday due to the current property boom and lack of conveyancing resource to deal with it, reveals the latest Property & Homemover Report from data specialists, TwentyCi.

Since 2008 the residential property market has maintained a steady volume of approximately 1 million transactions a year, however, post lockdown the market is witnessing transaction levels unseen for over a decade. The data reveals new instructions are up 16 per cent, sales agreed are up 24 per cent and the number of properties being withdrawn from the market are down five per cent.

Other key findings of the report include:

  • The average asking price across the UK has risen £31,000 year-on-year, now standing at £384,000
  • The only area to have experienced a fall in asking price is inner London recording a decrease of five per cent
  • Wales has experienced the highest price change at +12 per cent
  • The South West has seen the highest rise in sales agreed at +38 per cent
  • Three and four bed houses have experienced the largest increase in sales agreed at 24 per cent and 43 per cent respectively
  • Sales agreed have risen by 47 per cent in rural areas compared to just 19 per cent in Urban Areas
  • Sales agreed on detached properties are up 48 per cent
  • There has been a 76 per cent increase in the number of people saying they want to move since Q4 2019

Colin Bradshaw, Chief Customer Officer, TwentyCi says:
“The data clearly shows that the Pandemic has had a significant impact on the way people now want to live. Unsurprisingly we are seeing demand grow for bigger properties, most likely to facilitate working from home and also a move towards rural areas where houses tend to have access to more outside space. However, it looks like people are going to have to wait longer than usual to move due to the delays in the conveyancing ecosystem which will be an added worry for homemovers at an already stressful time if the stamp duty holiday is not extended.”

Notes for editors
TwentyCi is a homemover & buyhavioural data agency that delivers strategic data, insight and engagement solutions. Holding the UK’s largest and richest resource of factual homemover data compiled from more than 29 billion qualified data points, TwentyCi works with advertisers and their agencies to create contextually targeted marketing programmes that cut through by reaching consumers at the exact moment that they need a company’s product or service, through the best media channel for that individual.

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