Property transactions bounced back in the third quarter of 2017 but are still down on the same period last year, conveyancer data suggests.
Software provider Search Acumen says transaction volumes in the three months to September reached 254,606, 21% higher than the four-year low recorded in the second quarter of 2017 but 6% down on the same period of 2016.
Overall, firms processed 61 transactions each on average in the third quarter, up 19% from 51 in the previous quarter to the highest figure in the past year. There were 64 transactions per firm in the third quarter of 2016.
Andrew Lloyd, managing director of Search Acumen, said: “After the noticeable dip in conveyancing activity in the second quarter, it’s encouraging to see an uptick in business through the late summer and autumn period.
“The conveyancing industry has broadly rebounded to ‘business as usual’, picking up where it left off at the beginning of the year.”
Comments (2)
Yet more evidence of the problems underlying the transaction time snowball that we believe is behind the problems currently being experienced by consumers.
These figures, when read in conjunction with the Legal Services Board survey this week showing a drop of between 6-7% of conveyancing fees in the last two years clearly back our view of the damage that is being caused by the use of panel managers to the market.
https://research.legalservicesboard.org.uk/news/latest-research-17/
It PROVES that lower fees lead to higher caseloads which in turn results in slower transaction times and higher fall throughs.
And now the Law Society is calling for an investigation into the impact of panel managers on the market.
https://www.todaysconveyancer.co.uk/news/law-society-seeks-views-interaction-panel-management-firms/
Could this be the time when industry starts to wake up and smell the coffee?
Using panel lawyers with higher caseloads damages your business – don’ t believe the hype about referral fee bonanzas.
Not sure how you can blame Panel Managers for driving fees down Peter… Solicitors are their own worst enemies in selling on price and price only…. panel managed services do not sell on price.
Also, Peter, look closely at the survey you quote.. its about panel managed services to LENDERS !!
The main factor that has increased the days to exchange is additional lender requirements, especially around gifted deposits… as a Conveyancer i would have thought you would have known that ? The days of receiving a mortgage offer and exchanging a couple of days later are over.