The cost of conveyancing rose by 10.2% in the second quarter of this year compared to Q1.
The figure comes from analysis of approximately 34,000 conveyancing quote forms on home mover comparison site Reallymoving.
The site’s latest Conveyancing Costs Index observes that conveyancing prices have struggled to recover from the highs of the pandemic stamp duty holiday, and although they have now exceeded the Q3 2022 peak of £2,368, they remain 8% lower when adjusted for inflation.
During the second quarter of this year, the cost of conveyancing has increased in every region of the UK apart from Scotland, which saw a 0.7% quarterly fall. Price growth was strong across the board, with the largest increases in the North West (+17.1%), Northern Ireland (+13.9%) and London (+13%).
Rob Houghton, co-founder and CEO of reallymoving, said: “The past four years have brought significant challenges to the conveyancing sector, with high demand volatility, and the sector has struggled to return to the price levels of the pandemic stamp duty holiday. There has been strong price growth in the last quarter, and this trajectory needs to continue before conveyancers see growth in real terms, when adjusted for inflation.”
Houghton added: “Transaction volumes have been recovering steadily but Land Registry data shows they remain 10% below pre-Covid averages, and mortgage approvals are still 16% down. We expect this gap to close as mortgage rates fall.”
Published quarterly, the Conveyancing Costs Index keeps the industry informed of average prices being paid for legal services by home movers across the country and how they are changing over time. The costs published include expenses and disbursements, for combined sale and purchase.
