Taylor Rose has reported a 94% increase in conveyancing instructions in the first two months of 2025 compared to the same period last year.
According to newly released data, the firm received 5,297 instructions – the stage when a buyer formally moves forward with a property purchase agreement – in January and February 2025, a significant rise from the 2,738 recorded during the same period in 2024.
The surge comes at a time of renewed confidence in the property market, fuelled by upcoming changes to the stamp duty threshold at the end of March, falling mortgage rates and a gradual reduction in interest levels.
SPIKE IN SELLERS
Hannah Wright, Head of New Business at Taylor Rose, says: “With the change to the stamp duty threshold coming at the end of the month, coupled with positive reports around falling mortgage rates and reductions in interest rate levels, we are seeing a very positive response in the market with a significant increase in client instructions.
“We have seen a spike in sellers coming to the market, often after months of deciding whether to list their homes or not.
“Naturally, with more stock coming onto the market, this breeds more buyers. Positive sentiment around the mortgage market and the reduction of interest rates will have had an impact.
“After a restricted few years, home sellers are acting to secure mortgage approvals, and solicitors are working around the clock to ensure completions can take place before the end of March.”
SPRING FORWARD
Despite the impending stamp duty changes, Wright remains optimistic about the months ahead, predicting that the strong demand will continue into spring.
She adds: “Even after the threshold changes, we predict that demand will remain high as we move into spring, and we expect a very busy period for the conveyancing sector.”
Mortgage Soup told yesterday how conveyancing costs have increased by as much as 18% in the past year piling even more pressure on the property transaction prices.
Latest analysis by Moverly reveal that homebuyers are currently paying an average of £1,375 when purchasing a freehold property, and £1,746 when purchasing a leasehold.
This marks an annual increase of +13% for freehold costs, and +13.3% for leasehold costs.
