Simply Conveyancing has advised estate agents to focus on progressing pipelines in order to get paid ahead of the extended stamp duty holiday deadline.
The business said that agents could earn thousands of pounds in additional revenue due to a high level of market activity ahead of the stamp duty holiday deadline on June 30.
The latest transaction figures from HMRC found that UK residential transactions totalled 147,050 in February 2021, 48% higher than February 2020 and 23% higher than January 2021.
Data from Rightmove has also suggested that the stamp duty holiday extension could be responsible for an additional 300,000 transactions completing by the end of June, savings buyers a total of £1.75bn.
Vicky Quinn-Campbell, sales and marketing director at Simply Conveyancing, said: “Progressing pipelines should be agents’ absolute focus at the moment as there is so much additional income available.
“Taking advantage of higher transaction levels now could help agents to underpin their finances for the remainder of the year and beyond.
“Although lockdown restrictions are gradually easing, the landscape is still fragile so agents must have the right processes and options in place to give transactions the best possible chance of completing.”
Although pandemic restrictions continue to ease and the government’s roadmap intends to remove all restrictions on 21 June, Simply Conveyancing has stated that some chains may still require ‘COVID-19 riders’ – a clause which protects movers should there be any COVID-related circumstances which stop them from moving.
The business has suggested that these clauses be added to contracts of sale, and included in every contract in the chain if they are to be enforceable.
Quinn-Campbell added: “The situation over the last year or so has been fast-moving, with the impact of the pandemic improving during the summer and autumn last year before worsening again over the winter.
“Although things have been more positive in recent weeks with a significant light at the end of the tunnel, it’s important for agents and their clients to remain cautious with regards to the pandemic and insert a COVID-19 Rider if it is required.”
Simply Conveyancing said that alongside the legal and practical steps agents need to have in place, working with the best conveyancers and prioritising communication can help to progress pipelines.
Quinn-Campbell said: “It’s important to keep clients calm while educating them about their options. Positivity is vital, although agents must manage client expectations – especially when it comes to timelines.
“Solicitors that can act on both sides of the transaction can help deals to complete even more smoothly and quickly, while agents who provide all the information on the chain can improve their chances of earning additional revenue ahead of the stamp duty deadline.”