At the start of 2020, the UK housing market was suffering as a result of the pandemic with the early stages of lockdown causing the number of house sales to drop by 70% across the UK.
The government implemented steps by reducing Stamp Duty Land Tax (SDLT) and this relief has been running since the 8th of July 2020. The deadline of this short relief in taxes is 31st of March 2021 with rumours of it being extended.
The tax relief that the government issued saw the threshold for paying Stamp Duty Land Tax being lifted from £125,000 – £500,000. This has led to up to a £4,500 savings for purchasers.
This means, nine out of ten buyers would not have to pay any Stamp Duty and that alone was successful in stimulating the market; despite the lockdown initially causing the average sale price of houses to decrease, the market has had a strong recovery towards the end of 2020 and into 2021 due to the government stimulus.
What has this done for the conveyancing market and employment?
Although this relief has stimulated the market, this is causing significant implications for the legal profession, more specifically, within conveyancing.
The conveyancing process is taking much longer than usual as properties are trying to squeeze in sales before the March 31st deadline.
This backlog is causing many issues as the demand for conveyancing cannot be matched with the sheer volume of transactions.
It could be considered that due to the pure volume of workloads, conveyancing businesses will pause taking on new business until after March 2021 to reduce the pressure on themselves and the staff.
Last year presented many interesting factors that could influence the conveyancing market, 94% of conveyancing lawyers have had their work affected by Covid-19 and 51% have been paid a lower salary since March 2020.
Being overworked and underpaid could suggest why conveyancing solicitors are considering a move. Some have started their search for new roles and due to the current influx of work, they wouldn’t have difficulty in securing a new role as most firms will currently consider conveyancers at all levels. This is why all conveyancers should be thinking about their career goals, with so many firms open to a conversation, now is the time to start searching.
This year could be the perfect opportunity for the skilled conveyancer to level-up their careers and target firms they’ve only dreamed of working for; go for a step-up in job title and responsibilities or get that pay-rise they are ready for.
Is this you?
If you feel like this could be a good opportunity to consider your employment options, we have several opportunities currently available. Learn more at www.capilauxlegal.com or start a conversation today firstname.lastname@example.org.
Capilaux Legal operates specifically in the South of England, working alongside some of the most prestigious legal firms placing talented candidates into positions.
Our high energy and ambitious team bring a wealth of knowledge and experience to offer a refreshing service to clients and candidates.