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05 April 2016
Industry pulls together to deliver record-breaking property completions on 31st March to beat stamp duty tax hike
- 31st March was a busy day for the industry with My Home Move completing a record number of property transactions
- This also made March a record month for My Home Move – likely to be the case across the industry
In order to help people complete their property transactions before the 1st April stamp duty changes came into play, My Home Move – the UK’s leading provider of mover conveyancing services – alongside many others in the industry worked around the clock to complete a record of 1,210 property transactions on 31st March. This was a significant jump of 40% from the previous record in December last year.
To put this in context, My Home Move completed more cases on 31st March alone than 93% of conveyancing firms completed in the whole of 2015. As a result, this marked both a record day and record month of completions for the business and is likely to have been a similar story across the industry.
The record day also made it a record month, with My Home Move completing a total of 6,178 mover transactions in March, a 22% increase from its previous monthly record in October 2015 (5060 completions).
All industry participants came together last Thursday to finalise as many chains as possible before buy-to-let properties and second homes faced the 3 per cent stamp duty tax hike announced in the Autumn Statement.
Doug Crawford, CEO of My Home Move, comments:
“There was a great amount of dedication last Thursday and in the preceding days and weeks to help customers purchasing an additional property and win the race to save on a substantial additional stamp duty bill. It was a frenetically busy day as chains across the country included second home and buy-to-let buyers who needed to compete before Friday 1st April. It was a great moment as the market came together and pulled out all the stops on what was one of the busiest days for the industry in history and a record-breaking day for My Home Move.
“In the short term, we are likely to see re-negotiations for those who were not able to complete in time due to hiccups in the property chain and many will be going through this process now. We expect that the extra costs for those looking to buy additional properties will dampen some demand. A lot of purchases have been brought forward because of the tax change so this could lead to a quieter period over the next month or so.”