There were over 100,000 fewer conveyancing transactions in the first nine months of this year compared with the same period last year.

It equated to a 12% decrease, as fewer people moved home.

The third quarter of the year proved busier for conveyancers than the second, with an uptick in transactions of 8%.

Reporting on the statistics, search provider Search Acumen said there has been a drop in the number of active conveyancing firms.

The figure now stands at 4,024, 2% down on a year ago.

The figure disguises variations, including a 6% decline in the smaller conveyancing firms – those dealing with fewer than 50 cases a month.

The top 1,000 conveyancing firms meanwhile have tightened their grip on the market and now control 75.6% of transactions – a percentage which is an all-time high.