Rapid growth in the conveyancing market is beginning to level out, according to research.
Just 16% of conveyancers reported growth of over 25% in the last quarter, compared to 41% in the previous quarter, according to a survey of conveyancers from search service SearchFlow.
The findings suggest that the property market is beginning to stabilise, with 43% of the conveyancers reporting growth of over 10% and 20% of conveyancers recording flat growth.
A spokesman from the Council for Licensed Conveyancers said the research bears out anecdotal evidence that the market is starting to plateau after a period of rapid recovery.
He said during the recovery CLC-regulated firms outperformed the market. ‘Their transaction volumes began to recover early and at a faster rate than the overall number of transactions, so increasing their share of all conveyancing,’ he said.
‘Throughout the turbulent downturn, recovery and now as the picture appears to be stabilising, we have been stressing the need for firms to plan carefully to manage their workload and staffing to maintain quality and secure stable businesses.’
According to the research, stabilisation is boosting conveyancers’ confidence in increasing their teams. Of the 98 surveyed, 31% said they were very likely to increase their headcount in the next quarter, up 10% from 21% in the previous quarter.
John Pickford, managing director at SearchFlow, said: ‘We welcome the signs of the market settling following two consecutive quarters of incredible growth. It’s this sustainable growth that is boosting confidence, enabling conveyancers to grow their teams, review resources and ensure they stay as commercially effective as possible and leverage the market.’