DUBLIN--(BUSINESS WIRE)--The "UK Conveyancing Market Report 2021" report has been added to ResearchAndMarkets.com's offering.
The pandemic hit the conveyancing market hard in the first half of 2020 but residential property transaction volumes began to grow again in the second half of the year. The overall result was a decrease of 11.2% in UK residential property transactions in the year to 1,045,080.
Key findings:
- The housing transaction data for the eight months up to August 2021 shows a healthy recovery in transactions compared to the same period in 2020. The numbers suggest that housing transactions will be around 1.5 million in 2021, an increase of over 42% on the disastrous year in 2020.
- However, consumer confidence has been hit in the second half of 2021 by worries over potential high price rises, unemployment, and the impact of inflation on household finances. So In 2022, IRN Research is forecasting a modest growth in the conveyancing sector.
- The market value of the residential conveyancing market also took a hit in 2020, declining by 7%.
- Consolidation has continued in the sector in the last year led by the largest player in the market: Simplify which owns the largest brand My Home Move increased its portfolio of brands in 2020/21 with two further acquisitions to add to previous purchases. My Home Move processed around twice as many transactions in 2020 as the second single largest player - O'Neill Patient Solicitors. Another leading firm Taylor Rose MW added another purchase in the year while Countrywide Property Lawyers, the third largest conveyancer, was acquired by Connells Ltd which in turn is part of Skipton Building Society.
- The publisher's Practitioner Survey is now in its sixth year and obtained feedback from 68 conveyancers in 2021. The survey was undertaken in July 2021.
- A clear majority in this year's survey reported growth in their conveyancing practices, reflecting improvements in demand as restrictions were lifted. Also, the percentage that are positive about the next 12 months has increased significantly compared to 2020.
Key Topics Covered:
1. EXECUTIVE SUMMARY
- Market Size
- Market Structure
- Market Forecasts
- Practitioner Survey
2. INTRODUCTION
- Two property transfer systems
3. MARKET STRUCTURE
- Over 6,700 law firms active in conveyancing in UK but solicitor numbers falling
4. MARKET DEVELOPMENTS AND DRIVERS
- Residential transactions slipped by over 11% in 2020
- England dominates and increases share in 2020
- The long-term trend in mortgage lending is upwards
- COVID-19 and the housing market
- Stamp Duty Land Tax holiday
- SDLT holiday enables homebuyers to save £3bn in stamp duty
- Electronic Signatures - Land Registry initiatives
- Electronic signatures - Ministry of Justice Working Group
- Land Registry aims for end-to-end digital conveyancing in three years
- The Digital Registration Service launched
- Conveyancing Standards Bill withdrawn
- Conveyancing Task Force established
- Draft rules on digital identities
- PI insurer offers lower premiums for firms using a specific client verifying system
5. THE KEY PLAYERS
- Consolidation continues in 2020/21
- Market Shares - England and Wales
- Profiles of selected players
- Simplify/My Home Move Ltd
- O'Neill Patient Solicitors LLP
- Countrywide Property Lawyers Ltd
- Birchall Blackburn Law
- Davisons Solicitors Ltd
- Shoosmiths LLP
- Property Legal Services
- Taylor Rose MW
6. MARKET SIZE, TRENDS & FORECASTS
- The current market and beyond
- Transactions and market value decreased noticeably in 2020
- A market recovery in 2021 but more uncertainty in 2022
7. CONVEYANCING PRACTITIONERS SURVEY RESULTS
- Percentage of conveyancers experiencing volume growth decreases a little
- Revenue growth marginally better than previous year
- Confidence seems to be returning to the sector
8. ASSOCIATIONS, REGULATORS & QUALITY SCHEMES
For more information about this report visit https://www.researchandmarkets.com/r/1shlic
