Muve has announced it successfully completed 94% of transactions targeting the end of the June Stamp Duty deadline. This resulted in clients saving more than £2 million of tax in the month.
The UK conveyancing firm’s focus on pipeline management and case progression has paid dividends at a time when many in the industry have been struggling to keep up with demand.
Muve completed more than 94% of cases before the recent stamp duty cut-off. The remaining 6% mostly purchased files caused by stalled mortgage offers, delayed management packs or overwhelmed conveyancing firms elsewhere in the chain who were unable to keep things moving.
David Jabbari, CEO of Muve, said: “It’s a fantastic achievement that our experienced team have been able to ensure that the overwhelming majority of our clients were able to take advantage of the large stamp duty saving available in June.
“Saving more than £2 million of stamp duty on these transactions alone in just one month illustrates the scale of work the team was undertaking, and I’m so proud of the effort they put in.
“Our agent-focused conveyancing service, First, is delivered by a team that includes many former estate agents adopting the best-practice sales progression approach used by property professionals. That allows our clients and us to move faster than some others in the industry and was pivotal in the success we enjoyed.
“Now is no time to be complacent, however, as the smaller yet still significant stamp duty cut until October is keeping us very busy. It’s great to see the industry with such a healthy amount of work, and we hope it continues for a long time to come.
“We’re still very much looking for more experienced estate agents to work with, particularly if they have clients looking for a quick completion.”
New analysis from Muve has estimated that the current stamp duty relief is worth just over £300 Million for UK house buyers.
Muve analysed all of the cases as of 16th May that were referred by estate agents and were targeting the 30th June deadline and reviewed why ongoing cases as of 1st July had not been completed.