The Conveyancing Coronacoaster
By Stuart Hill, Solicitor, Residential Conveyancing
The coronavirus pandemic swiftly curtailed what looked to be a promising year for the conveyancing sector, according to analysis of latest official data, however the mood post-lockdown is much improved.
Market activity between January and March this year has been described as a ‘conveyancing coronacoaster’ by Search Acumen, a search provider, who analyse Land Registry data to examine competitive pressures.
Its latest market tracker shows a post-election bounce in January, which recorded 104,325 transactions – the largest since stamp duty reforms came into force in April 2016. However, the four-year high was swiftly followed by a seven-year low as the number of registered transactions dropped to 55,381.
The recent easing of restrictions has seen both buyers and sellers keen to finalise those transactions which were started pre lockdown, and our own team have received many new enquiries providing a positive indication that we are on our way back to the pre-lockdown position.
Additionally, property technology company Coadjute reports a continuation of the upward trend in the UK property market, with most key indicators showing volumes back to pre-lockdown levels.
Their Property Market Insights Report indicates that the week ending 21 June, saw properties registered for sale recording a steady gain, up 5% week-on-week, and viewings booked showed a similar increase, up 4%. Both are now just 3% off pre-Lockdown levels.
All of these factors indicate that the property market is well placed, and that confidence is returning.
If you are considering your next home move and would like to arrange a free initial consultation with one of our expert residential Conveyancers, call 01244 356 789 or email firstname.lastname@example.org.
Please note: This is not legal advice; it is intended to provide information of general interest about current legal issues.
External links: Coadjute Property Market Insights Report