Lessons seem to have been learned from the stamp duty holidays since 2022 – when stamp duty was waived on properties below £500,000 to stimulate the pandemic market – with 82% of conveyancers claiming they had been able to complete the vast majority of transactions before the end of March deadline this time round.

After the flurry of activity, many expected a slump. However, the findings of our latest survey to gauge the mood of the market show that confidence amongst conveyancers is on the up.

Confidence boost

The CLC launched a Quarterly Confidence Tracker at the start of the year amongst our conveyancing community. We recently ran it for the second time and the findings were encouraging, with 72% reporting confidence in the stability of the current market compared to 55% in the first quarter.

Clients are also more positive about the home buying and selling process, according to the 143 respondents. Almost half (46%) said buyers were confident, up from 29% previously.

Transaction times remain static, with the majority still taking three to four months from an offer being accepted to completion.

More than one in four (27%) thought the conveyancing process was becoming faster and more efficient, which whilst still relatively low is 10% higher than the first time we asked.

Overall, then the survey indicates that things are headed in the right direction, although we continue to encourage conveyancers to engage with the work of the Home Buying and Selling Council and Digital Property Market Steering Group so that we can hasten the adoption of the processes and tools available to benefit both practices and their clients, reducing transaction times, and improving security and accuracy.

Other market intelligence

The latest UK Residential Market Survey from the Royal Institution of Chartered Surveyors (RICS) paints a slightly less positive picture.

Published monthly, the figures for April show a continuing dip in buyer demand, although this is unsurprising coming straight after the rush to complete before the stamp duty deadline.

RICS cites concerns about the domestic and global economy as one of the reasons for declining activity. However, it is noted that the 12-month outlook is somewhat more resilient.

House prices have levelled out according to RICS, at least in the short term as it is predicted they will start to climb again over the coming year as the market recovers.

Currently, HM Land Registry puts the average house price in the UK at around £280,000.

Benefits of buying now

Spring and summer is traditionally a busy period for the property market and while stamp duty savings may not be the same, there are other benefits for those looking to buy and sell now.

Mortgage rates are falling following the Bank of England’s decision to cut interest rates to 4.25%, with financial analysts predicting further cuts before the end of the year. There are also reports emerging of buyers switching mortgage providers part-way through a property purchase after being offered a cheaper deal.

House prices are unlikely to stay static for long and there is also greater choice available with Rightmove reporting that the number of homes for sale has hit a 10-year high and Zoopla that it is up 11% on last year.

There are mixed messages depending on who in the industry you speak to or what you read, but my takeaway from the first few months of the year is a positive one. Activity to March may have hit a peak, but the market is still in good shape and there is lots to be optimistic about, especially with the huge amount of work ongoing to streamline the home buying and selling process.

Let’s hope that confidence continues to climb as we move into summer, when I look forward to sharing the findings of our next Confidence Tracker.

Stephen Ward is director of strategy and external relations, Council for Licensed Conveyancers