New research suggests that the conveyancing market is “hitting new highs” previously unseen this side of the 2008 financial crisis.
The data, which comes from Search Acumen’s conveyancing market tracker, suggests that law firms registering conveyancing transactions rose by four per cent in 2016 to 5,572 – the first sign of positive movement in more than five years.
In comparison, the previous ten years have witnessed falls in conveyancing activity of around 28 per cent from its peak of 8,000 legal practices witnessing transactions in 2007 – equating to an average fall of more than 200 firms every year.
But Search Acumen’s latest report suggests that, because there are now far fewer firms acting in the sector, each practice has completed on average of 22 per cent more transactions than they would have in 2007 – representative of approximately 3,782 transactions per firm.
Mark Riddick, chairman of Search Acumen, said that the research marked “an interesting development during a time of economic uncertainty, and shows that the sector very much adopted a ‘business as usual’ attitude, disallowing the multitude of obstacles from the ongoing Brexit saga”.
He added: “The longer-term picture has revealed a shrinking volume of active firms, but this may not be as worrying as it sounds.
“The number of firms operating in the market might have decreased by more than a quarter over the past decade, but conveyancing volumes are hitting new highs since the financial crisis of 2008.
“The industry has been tried and tested and our tracker looking at the year in retrospect shows that we have remained resilient,” he said.
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