DUBLIN–(BUSINESS WIRE)–The “UK Residential Conveyancing Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
The eight annual edition of the report that provides a review of the market, looking at the market structure, key issues and new developments, market size and trends, the key players, future market developments, 4-year forecasts.
The UK residential conveyancing market has faced a major downturn in the last two years.
In the year 2022, UK residential transactions decreased by 14.8% and there has been no respite in the first nine months of 2023 with UK residential transactions falling by 22% compared to the same period in 2022.
Various measures of law firms and solicitors working in conveyancing show a sector that has been shrinking.
- Figures from the law societies in the UK (England and Wales, Scotland, and Northern Ireland) estimate that there are over 6,300 law firms (October 2023) that generate income from residential conveyancing in the UK but this is a 4% decline from September 2022. Between September 2021 and October 2023, over 450 law firms have gone from the sector.
- In September 2023, there were 3,838 registered active account holders at HM Land Registry covering England and Wales decreasing from 4,079 in September 2022.
- According to the law societies, there were 11,226 solicitors working in residential conveyancing in October 2023. This represents a decrease of 12.6%, or over 1,600 solicitors from September 2021.
Consolidation is increasing albeit at a slow rate
- In 2022, the top five conveyancing brands claimed 5.8% of all HM Land Registry transactions with the top 10 brands taking an 8.7% share. In the first three-quarters of 2023, the top five brand share had increased to 6.0% while the top 10 brands took a 9.1% share.
Little optimism for the next 12 months
- Over the year 2023, there will be another significant decrease in housing transactions with volumes declining again compared to the previous year and market value declining by over 4%. The first signs of a recovery are not expected to emerge until later in 2024 with volumes and market value beginning to grow again in 2025 and 2026.
Key Topics Covered:
EXECUTIVE SUMMARY
- Market size
- Market structure
- Market shares
- Market forecasts
INTRODUCTION
- Two property transfer systems
MARKET STRUCTURE
- Law firm and solicitor numbers active in conveyancing are decreasing
MARKET DEVELOPMENTS AND DRIVERS
- Residential transactions drop by almost 15% in 2022 and decrease again in 2023
- England takes a dominant share of UK residential transactions
- Quarterly mortgage lending values decrease in 2023
- 14 bank rate increases since November 2021
- Law Society draft conveyancing protocol supporting a move to digital processing
- Launch of Digital Property Market Steering Group
- Improving property transactions discussion paper from HBSG
- New digital conveyancing protocol from the Conveyancing Association
- Anti-money laundering report from CLC
- Survey finds that most conveyancers think that their fees are too low
- Launch of National Conveyancing Week
- Over 4 out of 10 homebuyers say lawyers are too slow in conveyancing process
THE KEY PLAYERS
- More M&A activity but high profile closures as well
- Selected acquisitions and mergers: Leading players – England and Wales
- Profiles of selected players
- Simplify/My Home Move Ltd
- Taylor Rose MW
- Setfords Law Ltd
- Davisons Solicitors Ltd
- O’Neill Patient Solicitors LLP
- Gorvins Residential LLP
- Property Legal Services (PLS)
- Talbots Law
- JMW Solicitors
- Conveyancing Direct Ltd
MARKET SIZE, TRENDS & FORECASTS
- The current market and beyond
- Slump in transactions and market value decrease in 2022
- The weak housing market stays in 2023 and 2024
ASSOCIATIONS, REGULATORS & QUALITY SCHEMES
For more information about this report visit https://www.researchandmarkets.com/r/hyefsp
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