Encouraging Signs for Conveyancers with Homebuyer Intent on the Rise

In January, searches for Rightmove increased by 23 per cent compared with November 2022, while Zoopla saw a 49 per cent uptick. Searches from potential property buyers for new build homes, detached homes and semi-detached homes also saw rises in that period of between 20 and 40 per cent.

Search activity was still down overall year-on-year when comparing January 2022 with January 2023. However, activity was cooling following a surge in the market due to the Stamp Duty Land Tax holiday.

The positive signs come despite recent reports that property agents and experts are pessimistic about the outlook for the property market in 2023 and news that average house prices have risen by nearly £3,000 - means the market continues to avoid the predicted slump during 2023.

Searches	Search volumes January 22	Search volumes November 22	Search volumes January 2023	Year on Year difference	November 22 to January 23 difference
Rightmove (and related terms)	16,652,710	11,135,550	13,643,410	-18.00%	23%
Zoopla (and related terms)	3,549,380	1,948,870	2,901,470	-18.00%	49%
Homes near me (and related terms)	492,180	269,380	329,790	-32%	22%
New build homes near me (and related terms)	22,460	11,330	15,770	-29%	39%
Detached houses near me	2,510	1,670	2,270	-9%	36%
Semi-detached houses near me	420	230	280	-33%	22%

Google keyword research by Legal Bricks.

With the Bank of England raising interest rates multiple times to tackle inflation - with the latest increase only announced in recent weeks - and with the cost of living crisis still biting, it was anticipated that property buyers would be put off from making moves until conditions changed. Mike Connelly, founder of Legal Bricks and commercial director at Access Legal, says the search and price rises are a good indication of a resilient housing market:

“Early this year there was a lot of doom and gloom around the property market outlook for 2023. Yet when we have been talking with our conveyancing customers, many say activity has recovered to pre-pandemic levels after a lull at the end of 2022.

“Our research into typical property-related searches indicates that people in the UK are looking at their own situations and making their own decisions on their next property move without being led too much by the noise around the market. It’s good news for conveyancers who will be hoping spring and beyond is positive for their caseloads.”

Legal Bricks provides a customised online property search platform and a full suite of conveyancing and anti- money laundering products that help to simplify and make transactions smoother for estate agents, conveyancers and home buyers or sellers.

---