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Record conveyancing in second quarter claims search firm

Conveyancing activity broke records between April and June 2015, according to analysis of Land Registry data by search provider Search Acumen. 

Total transactions reached 230,430 between April and June this year, up from 219,613 during Q2 2014 when the Mortgage Market Review changes contributed to a slowdown of activity.

The relatively strong performance of Q2 2015 has helped the market recover from a slow start to this year. Having been down five per cent year-on-year at the end of Q1, total transactions were down just 0.3 per cent year-on-year by the end of Q2.

The search firm says a combination of softening house prices and record low mortgage rates has helped to continue the long-term recovery in transaction volumes. Four-year comparisons show activity in Q2 2015 was up by 73 per cent compared with Q2 2011, when the downturn was at its lowest. 

Q2 2015 also saw the first rise in the number of active conveyancing firms since Q3 2014, as 20 more firms on average registered transactions each month compared with Q1. 

But with fewer conveyancing businesses competing for work than was the case four years ago, the average firm has seen an even bigger rise in transactions – 95 per cent – over this period.

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