The number of active conveyancing firms grew to pre-Covid levels this quarter, shows data from Search Acumen.

A 4% rise saw this metric go from 3,808 in Q4 2020 to 3,962 in Q1 2021.

This compares to the 3,920 conveyancing firms classed as being active in Q4 2019.

The number of transactions carried out by each firm also rise at the start of this year from 50 to 61, the highest level recorded by Search Acumen since the start of coronavirus.

“Comparisons to Q2 2020 illustrate the pace of the market’s recovery, where there were just 2,411 firms active,” says Search Acumen.

Overall, property transactions in England and Wales grew by 26% on a quarterly basis, from 192,063 at the end of last year to 241,916 in Q1 2021.

And conveyancing volumes rose from 236,641 in Q4 2020 to 241,916 in Q1 2021, a 2% rise.

January 2021 was the busiest month of the quarter, adds the data.

Search Acumen director Andy Sommerville comments: “Conveyancers have been running hot to help get clients’ transactions over the line since the stamp duty holiday was first announced.

“Our analysis suggests that the cost of protecting the property market has had intense pressures on real estate lawyers. Higher average transaction volumes illustrate the growing workload conveyancers are having to shoulder, which has put a huge strain on their wellbeing and productivity.

“The extension of the stamp duty holiday is likely to have a more muted impact on demand in the property market in the medium term.

“Since a large proportion of activity has been driven by buyers who have relatively higher amounts of housing equity and are now likely to have completed transactions, the pool of prospective buyers in the market has shrunk, which will put downward pressure on demand.”

“Despite this, lawyers have a huge task ahead of them to clear the backlog of transactions that have piled up and help homebuyers achieve their dreams before the window shuts.”