Conveyancing transactions taking 50 days longer to complete

According to a recent report by Search Acumen, property transactions in the UK have nearly doubled from 714,000 in 2012 to over 1.3 million in 2022 - but at the same time the number of active conveyancing firms has dropped by 10%.

The top 50 firms now account for 20.5% of transactions, compared with 19.3% a year earlier. Not only that, but average residential transaction times are taking an average of 132 days up from 82 days in 2007.

Search Acumen predicts that this upward trajectory is unlikely to continue due to wider economic factors and ‘the great conveyancing crunch’ which could put conveyancers under strain as they go above and beyond their usual duties to meet the needs of their clients.

It's clear that despite Covid-related disruption, the extraordinary effort made by the UK conveyancing sector has had an enormous contribution to both society and the economy.

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