A leading conveyancing firm has reported a large increase in property sales instructions which it has pinned on both the looming Stamp Duty deadline but also ‘growing confidence’ in the housing market.

The comments have been made by Hannah Wright (pictured), Head of New Business at Taylor Rose, which says it has received 5,297 instructions – the point when a buyer moves forward with the purchase agreement of a property – during January and February this year compared to 2,738 over the same period the year before – or a 94% increase.

Positive reports

Wright says: “With the change to the Stamp Duty threshold coming at the end of the month, coupled with positive reports around falling mortgage rates and reduction in interest rate levels, we are seeing a very positive response in the market with a significant increase in client instructions.

“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.

Even after the threshold changes, we predict that demand will remain high as we move into spring.”

“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.”