Completion volumes surged to unprecedented levels in the final days of March, with estimates from Simplify suggesting that transactions in the last five days alone surpassed those for the entire month of March 2024.
From today thousands of first-time buyers in England will face higher upfront costs when purchasing a home with the threshold for first-time buyer relief dropping from £425,000 to £300,000.
Simplify, the UK’s largest conveyancing and property services group, says it completed over 6,500 mover transactions within the past week as the conveyancing sector united in a remarkable effort to finalise as many transactions as possible ahead of the deadline.
EXTRAORDINARY MILESTONE
Describing the achievement as ‘extraordinary,’ Simplify says that this milestone was the result of months of dedication from conveyancing teams across the UK.
Many professionals delayed holidays and worked extended hours, including evenings and weekends, to help clients successfully complete their home moves.
However, the success was not solely due to conveyancers. Estate agents played a crucial role by collaborating closely with conveyancers and providing them the necessary space to focus on processing cases . Brokers and lenders also stepped up, expediting mortgage offers and fund releases.
Meanwhile, the Bank of England and commercial payment providers worked alongside Simplify and others to anticipate peak transaction volumes, extending their operational hours to ensure smooth payment processing.
MONUMENTAL ACHIEVEMENT
David Grossman, CEO of Simplify, praised the industry-wide effort, stating: “This has been a monumental achievement for everyone involved. The dedication and collaboration across the sector have been truly inspiring.
“We are particularly grateful for the support of the Bank of England and other payment providers, which has been instrumental in reaching these record-breaking numbers.”
Analysis from Leeds Building Society reveals that the changes mean that 85% of first-time buyers in London would be subject to the charges, along with 55% in the South East, 49% in the East of England, 30% in the South West, 16% in the West Midlands, 15% in the East Midlands, 13% in the North West, 9% in Yorkshire and the Humbe, and 6% in the North East.
The average first-time buyer home in London is £473,282, meaning the stamp duty bill for a typical first-time buyer in the capital will shoot from £2,414 to £8,664.
