Conveyancing costs have increased by as much as 18% in the past year, highlighting the growing pressures on the UK property transaction process, new research shows.
Fresh analysis of estimated UK conveyancing cost data reveals that homebuyers are currently paying an average of £1,375 when purchasing a freehold property, and £1,746 when purchasing a leasehold.
According to the analysis of estimated UK conveyancing cost data carried out by Moverly, homebuyers are currently paying an average of £1,375 when purchasing a freehold property, and £1,746 when purchasing a leasehold.
This marks an annual increase of 13% for freehold costs, and 13.3% for leasehold costs.
Regionally, the biggest freehold conveyancing cost increase has been recorded in the North East where an annual rise of 18% puts the average cost at £1,311.
This is followed by big increases in the East of England (+14%), South East (+13%), Yorkshire & Humber (+12.7%), and the North East (+11.7%).
The largest regional cost increase for leasehold conveyancing has been recorded in Scotland where an annual rise of +16.4% means the average spend now stands at £1,193.
This is followed by the South East (+13.9%), North West (+13.1%), London (+12.4%), and South East (+12.2%).
Gemma Young, Moverly CEO, commented: “With conveyancing costs rising so steeply over the past year, it’s clear that both homebuyers and conveyancing professionals are facing increasing pressures. The property transaction journey involves complex processes that have evolved over many years, and addressing these challenges requires industry-wide collaboration.
“As market pressures increase, we’re seeing how these forces affect transaction timelines and ultimately impact costs for homebuyers. This highlights why collaboration across the property sector is so important.
“The industry is now coming together around two complementary approaches: the introduction of upfront Material Information and the advancement of Digital Sale Ready standards. When properties meet these standards, all vital property and legal documentation is collected, verified, and digitally accessible from the beginning. This creates more efficient transactions – benefiting conveyancers, agents, and homebuyers alike.
“By improving both compliance information and legal readiness from the start of the process, we can collectively reduce duplication, save time for conveyancing professionals, and potentially reduce costs for consumers.”
Read the orginal article: https://propertyindustryeye.com/homebuyers-and-industry-professionals-facing-increasing-pressures-as-conveyancing-costs-soar/
