"An average increase of 11 transactions per person each year is a result that most other UK industries, especially those in the services sector, will envy."
This was a 55% rise from the 71 average per conveyancer in 2012, beating the 44% rise in total purchase and sales transactions over the same period.
It means that while the average conveyancer completed one transaction every 3.5 working days during 2012, the increased workload has reduced this by more than a day as the average conveyancer completed one transaction every 2.4 working days in 2015.
Despite the leap in productivity levels from 2012 to 2015, the data suggests the growth in productivity slowed significantly in the aftermath of MMR. Over the last three years, the biggest surge in conveyancers’ workload came between 2013 and 2014 when productivity jumped from 85 transactions a year to 109.
The subsequent year saw the average number of transactions completed by each conveyancers over twelve months rise by just one extra transaction per year to reach 110.
This stagnation in productivity growth came as the total number of conveyancers operating in the market rose by less than 1% year-on-year in 2015, while total transactions saw a similar level of growth. Nevertheless, this remained the first time that the number of registered conveyancers increased since Search Acumen’s tracking began in 2012.
Overall, between 2012 and 2015 there was a 7% decrease in the number of conveyancers operating in the market. This was mainly driven by an annual fall of 6% between 2012 and 2013. Over the same three year period, however, the combined total of purchase and sales transactions significantly rose by 44% to reach the highest point since comparable records begin in 2008.
Andrew Lloyd, Managing Director at Search Acumen, commented: “Conveyancers have achieved something truly spectacular in terms of productivity. An average increase of 11 transactions per person each year is a result that most other UK industries, especially those in the services sector, will envy. However, many conveyancers are undoubtedly feeling the pressure of the extra workload and many firms have been working flat out to handle the rising number of transactions we have seen since 2012.
“To sustain the gains that have been made in recent years in an uncertain post-Brexit business environment, conveyancing firms will have to step up their efforts even more to stand out from the competition. As we approach the New Year, having access to the latest technology and ensuring the right processes are in place should be a top priority. A small change to the way conveyancers work can add up to bigger improvements in productivity which eventually add up to increased customer satisfaction."
