Over the past three years, the number of housing transactions has dropped significantly.
According to the Q3 2019 edition of the Conveyancing Market Tracker from Search Acumen, there have been over 100,000 fewer transactions in the first nine months of 2019 compared to the equivalent period in 2016.
Unsurprisingly, the political and economic uncertainty during that period is front and centre when looking for causation.
Andy Sommerville, Director of Search Acumen, said: “Every passing quarter of 2019 has brought more political headwinds to the property market due to Brexit related uncertainty. One hundred thousand fewer transactions so far this year compared to 2016 is an indicator of the ‘Brexit effect’ on an already cooling property market.
The report also cites a shift towards the largest conveyancers with a number of smaller firms no longer operating. In fact, despite overall declining transaction levels, conveyancing volumes are up by nearly 8% quarterly from 228,994 in Q2 to 246,816 in Q3, with a leap of more than 5,500 transactions – more than 10% – for the top ten biggest conveyancers.