More than 700,000 home sales across Britain are nearing completion as conveyancers struggle to keep up, according to Chris Ward, CEO at SDLT Compass.
Ward added: “Some 704,000 sales are going through the conveyancing process as the stamp duty holiday deadline looms, Rightmove said. It is the highest number of sales subject to contract that the property website has recorded over the past 10 years. Time is running out to complete on time, and by all accounts, the property market shows no signs of slowing down.
“A raft of new Government initiatives, such as the First Homes scheme, will continue to incentivise new buyers, putting continued pressure on conveyancers calculating stamp duty. Historically, the conveyancing industry is a slow, methodical, and tech-resistant industry, and it will continue to struggle with an incredibly tough and time-sensitive workload.
“The stamp duty holiday has pushed it to its limits, as conveyancers frantically try and process the million plus people who have moved home in the last year. It is no easy job, especially right now, but there are technological solutions that can help speed up the process, and have the added benefit of covering the backs of ever-rising PI premium costs.”