Consultant-style law firm Taylor Rose says it has reported a 94% increase in the number of conveyancing instructions it has dealt with when compared to the same time last year.
In January and February 2025 Taylor Rose received 5,297 instructions, compared with 2,738 in the same period in 2024. 2024 also saw Taylor Rose take the top spot in transaction volumes at HM Land Registry, overtaking long-time market leader My Home Move for the first time. Taylor Rose’s 18,107 transactions accounted for for 1.8% of all transactions in England and Wales in 2024; albeit My Home Move’s parent company Simplify includes six other conveyancers which combined would keep them on top spot and an overall market share of around 4% of transactions.
Changes to SDLT thresholds, market positivity around the health of the property sector, falling interest and mortgage rates have all contributed to the uplift in client instructions said Hannah Wright, Head of New Business at Taylor Rose.
“We have seen a spike in sellers coming to the market, often after months of deciding whether to list their homes or not, and, naturally, with more stock coming onto the market, this breeds more buyers. Positive sentiment around the mortgage market and the reduction of interest rates will have had an impact. After a restricted few years, home sellers are acting to secure mortgage approvals, and solicitors are working around the clock to ensure completions can take place before the end of March. But even after the threshold changes, we predict that demand will remain high as we move into spring, and we expect a very busy period for the conveyancing sector.”
The SDLT deadline is playing its part in keeping house price rises steady according to the latest House Price Index from Halifax, and research suggests home sellers have been forced to cut asking prices to accommodate any risk of completion carrying over beyond 31st March 2025 at which point the higher rate of tax would be owed, in order to secure a sale.
