The tax break unlocked a “tidal wave of transactions”, heaping pressure on property firms to deliver before the deadline, it added. Q2 racked up the highest volume of transactions since records began 10 years ago.
The number of property transactions reached 290,248 in the quarter, up by 20 per cent compared to 241,916 in Q1.
Back in May, Mortgage Solutions reported that conveyancing costs had doubled with solicitors quoting premium prices for clients wanting to meet the stamp duty cut off.
June high
The average number of transactions by firm reached a record high of 72 in Q2. This was up from 34 compared to Q2 2020, when the effects of the first pandemic lockdown were evident.
The analysis by Search Acumen is based on property transactions registered with HM Land Registry for England and Wales.
June recorded 113,184 transactions, the highest monthly figure since April 2016 when a change to stamp duty rules hiked bills for landlords and second home buyers.
The number of conveyancing firms registering transactions rose by two per cent to 4,048 quarter-on-quarter. This was a recovery from below 4,000, where the number has hovered since the pandemic started.
In Q2 last year, 2,411 conveyancing firms registered transactions with the Land Registry.
Andy Sommerville, director of Search Acumen, said: “The industry has been put under intense pressure since the tax holiday was first introduced last summer. The large caseloads processed have relied on the hard work of conveyancers, lawyers, estate agents and surveyors, and made it vital for firms to have efficient workflows in place.
“Digital due diligence has been essential to handling this pressure and the months ahead are an opportunity for the industry to build on new ways of working,” Sommerville added.
