Study reveals pressure on conveyancing industry during stamp duty holiday

The number of exchanges between clients and conveyancing solicitors spiked last month as the rush to meet the stamp duty holiday increased communications pressures on the industry.

Data from communications provider, Moneypenny, revealed that sales progression calls were up by 20% in June compared to the previous month, as clients worried about missing the extended deadline.

Over the seven days running up to the deadline of 30 June, Moneypenny revealed there was an overall call volume increase of 5% compared to the week before.

Before the pandemic, the data indicated there were a minimum of six inbound calls per week, per case from stakeholders including estate agent, client, vendor’s solicitor and mortgage broker.

Moneypenny, which provides telephone answering and live chat services to hundreds of conveyancing businesses, suggested the increase in requests for updates on transactions has affected productivity and customer experience, with many firms failing to get a handle on changing demand.

“The stamp duty holiday deadline combined with an industry-wide shift in working style has created pressure on an already groaning system, with consumers relying upon conveyancers operating remotely, many without effective communication technology,” commented Moneypenny head of legal sector, Bernadette Bennett.

“With the prospect of hefty savings on offer, clients were understandably desperate to reach their conveyancers and push transactions along the chain. As a result, a law firm’s ability to respond requests became more important than ever. Quality of call handling, speed of response and efficacy of message taking have all been placed under scrutiny.

“Now the stamp duty holiday deadline has passed, conveyancing businesses are learning from the experiences of the pandemic and exploring ways they can protect their staff from experiencing the same pressures in future.”

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