Recent reports from transaction search firm Acumen have revealed a 10% decrease in the number of conveyancing firms operating in the UK. This news has come as a shock to many in the property industry, as conveyancing firms are an essential part of the process of buying and selling property.
Conveyancing is the legal process of transferring ownership of a property from one person to another. It involves a range of activities, including checking title deeds, preparing contracts, and ensuring that all taxes and fees are paid. Conveyancing firms provide an invaluable service to those buying and selling property, and the recent decrease in the number of firms is concerning.
The reasons for the decrease are varied. Some experts have suggested that the decrease is due to the increasing cost of running a conveyancing firm, which has made it difficult for some firms to remain profitable. Others have suggested that the decrease is due to the increasing popularity of online conveyancing services, which have made it easier for people to complete their conveyancing without the need for a physical firm.
Whatever the cause, the decrease in the number of conveyancing firms is likely to have a significant impact on the property market. With fewer firms available, it is likely that there will be an increase in demand for their services, which could lead to higher prices for those looking to buy or sell a property. It could also lead to longer waiting times for those looking to complete their conveyancing, as fewer firms will be available to take on new cases.
The decrease in the number of conveyancing firms is concerning, and it is important that steps are taken to ensure that those looking to buy or sell property are not adversely affected. It is also important that steps are taken to ensure that those running conveyancing firms are able to remain profitable, so that they can continue to provide their essential services to those looking to buy or sell property.