The amount of conveyancing work being undertaken has risen 15% over the last year.
A national survey of conveyancing and legal firms by property search provider SearchFlow found that 59% have reported a rise in business over the last 12 months, with just 7% seeing a fall.
According to the latest Land Registry, sales volumes are down 3% year-on-year, but Land Registry data on transactions lags some months behind the market.
Conveyancing firms have also reported that they are having to do extra work on conveyancing because of increased compliance requirements. Only a fifth (22%) of firms have bolstered resources in order to meet the increased requirements. Nearly half of firms (46%) are managing this increased workload with the same resource.
More than a quarter (27%) expect the main threat to the industry in the next 12 months to come from lenders’ panel selection decisions.
However, one fifth (21%) cited risks in the property market itself, including what would happen if props such as low interest rates and Funding for Lending are removed.
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