The housing market has yet to go back to ‘normal’ levels post-Covid but Moverly CEO Gemma Young (pictured) hopes Labour’s policies will help boost homebuyer numbers.

Research by conveyancing platform Moverly found that there was an average of 2,984 property sales per day in 2024, which is a 7% increase compared to 2023, but some 9% below the more typical 3,200 daily transactions between 2014 and 2019.

Inconsistent seasonal patterns

Transaction volumes did rise markedly during the course of 2024. They started the year at 2,174 in January before hitting 3,590 in October and 3,481 in November.

In contrast, between 2014 and 2019, the market had far more consistent seasonal patterns, with just occasional disruptions, such as SDLT relief changes (2016).

Property professionals are likely to face perhaps even the heaviest load in many years, should Labour manage to incentivise homebuying.”

Commenting on the figures, Young said: “Property professionals are likely to face an increased workload this year and perhaps even the heaviest load in many years, should Labour manage to incentivise homebuying in the way they hope to with increased supply, more accessible mortgages, and a stronger national economy.

Warning

She warns, however, that if the market does get busier, it could increase pressure on the conveyancing process, especially with Material Information regulations likely to increase the administrative burden.

Then adds: “So, to reduce this additional strain, both in terms of working hours and legal responsibility, agents should consider streamlining their Material Information responsibilities by integrating with third-party tech platforms that have been designed to assist with specific specialist processes.”

Read more: Labour’s ‘game changer’ digitalisation of property transactions begins