The Conveyancing Market Tracker for Quarter one of 2017 has been released. The results for the tracker has shown that the conveyancing market has stayed static, with only minor improvements when compared to Quarter four of last year. The research was put together for the Market Tracker by Search Acumen. Data has also been taken from the Land Registry which reveals that despite the flat market, there is still a healthy amount of competition in the conveyancing market.

Last Year the Conveyancing transactions reached 245,275 in the final three months. From January to March this year, the figures recorded were 245,738. These numbers show that there has been a tiny improvement of 0.2%. These conveyancing levels include a dip in activity which occurred in February 2017. February saw the lowest levels of activity since April 2014. The significant increase in sales at the start of 2016 I the rush to beat the changes to stamp duty changes has also added a bleak tone to the slower market.

This slowing of the conveyancing market is illustrative of the slowing taking place across the property market. For the Building and Construction market this could be bad news, with the number of property sales also flat lining. The future is unclear at the moment with the announcement of a snap election, although the property market is staying stable. This stability is good news, property is still selling, there just isn’t an increase in the number of properties that are selling. In the short term, the stable market I better than a shrinking one, but it isn’t a pattern that would be helpful in the long term.

It is thought that because of the uncertain economic climate, property transactions are moving on slowly. The addition of the snap election doesn’t help the market. For the conveyancing market, challenger, or middle sized conveyancing firms are starting to outperform larger firms due to their flexibility and efficiency.