UK Residential Conveyancing Market Report 2023

The eighth annual edition of this report published in November 2023 (31 page PDF report).

Report Contents:

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