Stafford firm reports property market surge
A Stafford conveyancer has revealed the local property market is vibrant despite fears it would stutter after the Stamp Duty deadline, with conveyancing instructions well above normal.
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Leading law firm ORJ enjoyed a record-breaking first quarter of the year for new conveyancing matters as house buyers rushed to beat the changes to Stamp Duty rules.
From April 1 the Stamp Duty threshold dropped from £250,000 to £125,000, or from £425,000 to £300,000 for first time buyers.
ORJ – which does most of its conveyancing work in Staffordshire and Shropshire - saw a 44% hike in new conveyancing work in January compared with the same month in 2024, a 33% increase in February and a 28% rise in March.
Many analysts predicted a property market slump once the deadline had passed – but Jade Orr, Head of Property at ORJ, said new instructions in April were well above average.
“As expected, the first quarter of the year was extremely busy for our conveyancing team,” said Jade.
“For people buying a house above £125,000, there was an incentive of up to £2,500 to get the deal completed before the deadline, which was enough to concentrate minds.
“Many people thought the property market would nosedive after April 1, particularly as the economy remains uncertain and interest rates are still relatively high, but that appears to be far from the case.
“We are already well ahead of schedule for new matters this month. I believe people are learning to cope with the new financial realities and, ultimately, if people need or want to move, they will.”
It is estimated 74,000 moves, including 25,000 first time buyers, narrowly missed out on the March 31 deadline.
Some conveyancers have reported a 'log jam' in the process due to the surge in demand - but Jade said ORJ was faring well.
Jade said: “Our team worked exceptionally hard to complete dozens of transactions before the deadline, enabling people to move to their new home as cost effectively as possible.
“We have been able to use our experience and systems to keep pace with demand and we look forward to helping more people move in the coming months now the lighter evenings and better weather is here, which always lifts the market.”
ORJ is one of the most respected law firms in the region with offices in Stafford, Shrewsbury and Telford.
Visit orj.co.uk or call 01785 223440.
