Meanwhile, unprecedented levels of activity in early 2016 caused an 11% year-on-year decline in activity, worsened by February 2017 witnessing the lowest level of monthly activity since April 2014.
With low volumes in February, the conveyancing market was kept afloat by January and March in Q1 2017 - recording 84,274 and 91,676 transactions respectively. Overall, total conveyancing volumes rose by 0.2% during the first quarter of 2017 – a ‘flatline’ trend we are witnessing across the wider property market as house price growth and transaction volumes slow.
Following the trend of year-on-year decline, the number of cases conveyancing firms dealt with in Q1 2017 (59) remained steady when compared with the previous quarter (59), but dropped by 9% on Q1 2016. The average firm completed five more transactions in the same quarter last year (64) during the rush to beat stamp duty reform.
Mark Riddick, Chairman of Search Acumen, said:
“The Conveyancing Market Tracker for Q1 2017 shows that the conveyancing market is broadly reflecting recent trends seen across the UK property sector. As property transactions have ticked along slowly due to the underlying uncertainty in the market, conveyancers have witnessed a flat trajectory of activity – a sign of stability, perhaps, but not a welcome long-term trend.
“The competition we are seeing in the market is encouraging. Be it marginally, ‘challenger’ firms are outperforming the top five in terms of total volume growth and it is positive that conveyancers large and small are showing resilience and efficiency when most needed. Early last year we saw unprecedented transaction volumes making the 11% year-on-year drop look daunting, yet the wider picture shows that the industry is dealing with 40% more transactions than four years ago.
“The road ahead has become even less clear as we are yet again thrown into the unknown by a snap general election. These innovative, middle ranking firms that we have seen perform well over the past three months have an opportunity to combine a nimble operation with expertise to gain more market share and challenge the conveyancing behemoths.”
