Conveyancing volumes saw a 105% increase in the third quarter of the year as the conveyancing market “regained its footing”, according to Search Acumen.
The latest Conveyancing Market Tracker from the property data insight and technology provider showed that volumes climbed to 169,143 registered transactions in Q3 2020, a figure up from 82,385 in Q2 2020.
July was the busiest month in Q3 with 61,587 transactions completed, and Search Acumen said the surge could largely be attributed to the reopening of the housing market following the spring lockdown, with the government’s stamp duty announcement also “likely” to have driven higher transaction volumes.
Q3 also saw a return of consumer confidence as lockdown measures eased, the property data expert added, which in turn helped to “unlock latent demand” that was put on hold in Q2.
In response to the spike in business volumes, the number of active conveyancing firms in the market jumped 56% during Q3, rising to 3,751, up from 2,411 in Q2. However, Search Acumen highlighted that this remained the second lowest number on record, with 177 fewer firms active than in Q1 2020 (3,928).
Search Acumen director, Andy Sommerville, said the Q3 figures demonstrate a recovery from the “full force” of the pandemic’s impact in Q2, but warned it is no time for the market to “drop its defences” just yet.
“While the government’s stamp duty holiday is helping to propel activity into Q4, it has not relieved conveyancers of the pressures they faced in Q2, but has instead presented a different set of challenges for them to navigate,” Sommerville said.
“It is time the government acted decisively by tackling recurring delays in the property market through proper investment and an acceleration of its digitisation programme. While this won’t be resolved by 31 March 2021, an industry wide change in mindset is required now – not to mention a new approach to leveraging the available technology to harness the data at our fingertips.
“We saw evidence of an increase in firms adopting digital practices as a result of the pandemic. What’s needed now is firm commitment by all parties to collaborate, adopt the right technologies and build a more efficient property market. Only then will we be able to identify risks upfront, reduce uncertainty and progress transactions more effectively in the long-term.”
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories