"The record-breaking number of transactions completed, particularly in June, are a testament to the hard work of the entire industry from conveyancers and lawyers to estate agents and surveyors"
This is the highest number of quarterly transactions since Search Acumen's records began ten years ago in Q2 2011.
Search Acumen says the stamp duty holiday triggered a rush of buyers to complete transactions and take advantage of the larger discount, causing conveyancing activity to reach unprecedented levels.
June 2021 was the busiest month of the quarter, with 113,184 transactions taking place. This was the highest monthly total since April 2016, when stamp duty changes hiked tax bills for landlords and second home buyers.
In response, active firms climbed 2% over the last quarter to 4,048, up from 3,962 in Q1. The number of firms registering transactions crossed the 4,000 point for the first time since the pandemic first hit, reaching levels last seen in Q3 2019 when 4,024 firms were active.
Comparisons to Q2 2020 further illustrate the pace of recovery, when there were just 2,411 firms active during the first lockdown.
The average firm saw record levels of business in Q2 2021 with their average number of transactions reaching a new high of 72, a 17% quarterly increase.
Looking back over the last three years before the pandemic struck, the average firm had been accustomed to completing no more than 65 transactions per quarter.
Andy Sommerville, director of Search Acumen, commented: “This data highlights the huge pressures placed on the property sector over recent months. The record-breaking number of transactions completed, particularly in June, are a testament to the hard work of the entire industry from conveyancers and lawyers to estate agents and surveyors, who have gone above and beyond to help clients beat the stamp duty cut off.
“It is important to remember the industry has been put under intense pressure since the holiday was first introduced last summer. The large caseloads that have been processed have not only relied on the hard work of individuals but made it vital that firms have efficient workflows in place to help manage rising demand.
“Digital due diligence has been essential to handle the pressure, and the months ahead are an opportunity for the industry to build on new ways of working that have paid dividends to date. While commitment may be required, the long-term benefits make any learning curve worth the effort. Lawyers and clients alike can both benefit from time savings, along with the enhanced advice lawyers can provide when they are equipped with accessible and accurate property data. A more efficient and seamless transaction process hinges on more widespread adoption of technology.”
