The Conveyancing Landscape – data trends analysis from before, during, and since the Pandemic and industry expert insight
The conveyancing market in England and Wales has experienced ups and downs in recent times. From the pandemic years and SDLT holidays, to economic challenges and large-scale interest rate increases, this has presented the sector with challenges and opportunities. With further Stamp Duty reforms, the potential return of Home Information Packs (HIPs), rising inflation and interest rates and an uncertain mortgage market, further changes are afoot.
We’ve created two data insight reports which cover the conveyancing market trends before the pandemic and during (2022 Report) and the trends seen since (2023 Report) before considering the factors impacting the conveyancing market in the future.
What's in the reports?
In these insight reports, we’ve used HM Land Registry data to analyse data trends in the conveyancing market. The data has showed us the effects of the pandemic on residential house transactions, the macro market environment and conveyancing firms’ performance throughout 2020, 2021 and 2022. The data points covered include operational performance (AP1 registration times), number of purchase transactions, purchase prices and the competitive landscape.
Also, throughout the reports, industry experts provide context to the data and give their thoughts on what this might mean for conveyancers both now and in the future, raising key topics for conveyancers to consider in the months and years ahead.
Conveyancing Landscape Insight Reports Findings
Modernising the conveyancing process
This article covers modern conveyancing and how to utilize technology to assist in doing it in a simpler and easier way. The article also looks at some of the stats that have evolved in the digital economy and explores how law firms can embrace technology to create a more functional and frictionless process in the conveyancing journey.
2022 Conveyancing Report Key Findings
- The market is the strongest it’s been on over a decade, with 2021 residential purchase cases exceeding 1 million for the first time since 2007.
- This increased demand saw new market entrants which led to the number of conveyancing firms increasing, year on year, for first time in nearly a decade.
- Smaller firms face a battle to win new business with the top 50 firms responsible for more than 21% of all residential purchases.
- Even with SDLT holidays, Stamp Duty Land Tax receipts in the UK nearly hit a record high last year.
- On average, transaction volumes across every region increased by over 26% from 2020 to 2021 showing a strong national conveyancing market.
- Many firms may be struggling to keep up with the increased demand as 2021 AP1 post-completion time increased, on average, by over 21% compared to 2020.
2023 Conveyancing Report Key Findings
- 2022 saw a return to normality after the hiatuses of the COVID fueled 2021 which saw residential purchase cases exceed 1 million. 2022 saw a 23% decrease in the number of transactions compared to previous year
- Comparison of the two years by month shows the clear impact of the three SDLT deadlines in March, June and September
- 2022 removed the monthly volatility of 2021 and the market returned to normality
- In reference to performance by region, the biggest winners in 2021 were the biggest losers in 2022
- Pricing inflation was robust across the whole of England & Wales. Nationally, prices increased by 4.1%
- In terms of operational efficiency, those regions that grew fastest in 2021 have experienced an operational ‘hangover’ as all other regions improve their post completion performance
- In 2022, the new market entrants, who entered the market in 2021 to take advantage of the large volumes of demand, retreated. Across England & Wales, the number of active conveyancing firms dropped by 5% YOY
- The profile of the market has proved resilient – no major change in the profile of the size of firms. In 2022, the largest 7% of firms completed almost half of all purchases (49%) and the smallest 62% of firms only completed 10.5% of all purchases
Contributors
Rob Hailstone - Founder and CEO, Bold Legal Group
Rob Hailstone is an ex-residential property conveyancer with over 40 years’ experience and founder of the Bold Legal Group (BLG). BLG is a membership organisation championing the conveyancing profession and keeping members up to date with all relevant changes that will impact the way they work, advise their clients, and manage and run their firms. BLG’s first National Conveyancing Week will take place in Spring 2023.
David Opie - Managing Director, Today’s Conveyancer
David Opie is the Managing Director of Today’s Media, the publishers of the popular Today’s titles which include Today’s Conveyancer; providing daily news, industry insight and best practice for conveyancing and property practitioners.
Mike Ockenden - Secretariat, Society of Licensed Conveyancers
Mike Ockenden is the Head of the Secretariat at the Society of Licensed Conveyancers and is actively involved with the HomeBuying and Selling Group and CoPSO. He was one of the founders of My Home Move and the former Head of Barclays UK Mortgages.
Laura Cartwright – Partner and Head of Residential Conveyancing, Bell Lamb & Joynson
Laura Cartwright is a Partner and Head of Residential Conveyancing at Bell Lamb & Joynson. Bell Lamb & Joynson is an award winning law firm and one of the leading conveyancing practices in the Northwest.
Andy Hiesley – Head of Property, Heringtons Solicitors
Andrew Hiesley is the Head of Property at Heringtons Solicitors and was formerly a Partner at Made Estate Agents in Hastings. He’s also worked as the Managing Director at Acumen Law and Conveyancing Direct Property Lawyers.
Mohammed Chaudhri - Chief Economist and Director of Market Intelligence, Experian
Mohammed has over 10 years of experience of forecasting the UK economy and credit markets. Thanks to his forecasting, Consensus Economics ranked Experian as the most accurate UK forecaster in 2019. Alongside successfully leading the Market Intelligence team, Mohammed’s remit includes account management of key clients, new product innovations and supporting marketing activities.
Mike Connelly - Legal Bricks Founder and Access Legal Commercial Director
Michael Connelly is the Commercial Director at Access Legal and manages the day-to-day affairs of Legal Bricks, a specialist technology platform aimed at simplifying the conveyancing process. Michael’s wider experience in the property sector dates back over 20 years, where he has worked either with, or for; law firms, estate agents, mortgage advisors and end clients buying or selling property. Additionally, Michael has founded several businesses dating back to 2005, most recently relinquishing his financial interests in his three key businesses, which were acquired by Access Legal.
Richard Hinton - Owner, Pitsford Consulting
Richard Hinton has spent over 30 years working in senior strategic and business development roles in the conveyancing industry with stints at Shoosmiths Solicitors, LexisNexis Visualfiles and Searchflow before forming Pitsford Consulting in 2013. As Pitsford Consulting, he consults widely with a range of legal and technology businesses serving the residential property market. His long association and close relationship with HMLR and his interest in the effective use of data has meant that he has developed a suite of data-driven business tools for conveyancers.
Stuart Ducker - founder of the TwentyCi team
A founder member of the TwentyCi team, Stuart is a Strategy Director, Principal Consultant and Data Scientist with over 30 years commercial experience of providing customer-focused data and integrated communications solutions to a wide range of industry sectors.
Throughout, his career has required a dynamic mix of commercial and technical acumen, with the overriding aim of delivering exceptional return on investment for employers and clients. Stuart also leads the analysis for production of quarterly Property & Home Mover Report and other industry recognised opinions quoted by the BBC, The Times, The Sunday Times and The Financial Times.
