The average conveyancing firm has seen a 62 per cent rise in new home business since 2010/11, according to new research from the search provider Search Acumen.
The rise is accounted for in part by a consolidation in the conveyancing marketplace. Land Registry data analysed by the company showed that the number of firms registering property transactions has fallen 29 per cent over the four year period from 2011, when there were more than 7,500 to 2014 when there were 5,400.
This has been boosted by an increase in the number of new build homes being completed. 130,660 new homes were completed in the 2014-15 financial year; an increase of 17,280 from 113,380 during 2010-11.
This boost looks set to continue with 253,000 new homes given planning permission in 2015, a five per cent increase on 2014.
For more information in relation to the conveyancing process, please contact Sarah McGregor at our offices.