In the latest, shorter episode of the Today’s Conveyancer podcast, host David Opie is joined by Rob Gurney, Managing Director at Ochresoft, and Ben Robinson, Managing Director at Landmark Estate Agency Services, to discuss the latest statistics to come out of the quarterly Property Trends Report.
But there’s not much to say… the property market is subdued. Despite a “return to normality” following the spring’s SDLT disruptions there has been little sign of the traditional end of Summer bounce. Instructions in July and September were steady at 98% compared with the previous year, while August dipped to 87%. Completions followed suit, although a spike in September’s said more about the weak 2024 market that genuine recovery.
Bringing the estate agency view to proceedings, Ben Robinson highlights a record level of price reductions, with some areas seeing more cuts than listings. Supply and demand have both declined, suggesting a shared hesitancy among buyers and sellers. Speculative movers are holding back, wary of potential changes in stamp duty and broader economic uncertainty ahead of the budget.
So the conversation instead turns to a new industry charter aiming to reduce transaction times to 28 days. Project 28 isn’t about technology – it’s about behavioural change. Early instruction of the seller’s conveyancer and trusted upfront data are key commitments. The goal is to improve certainty, reduce fall-throughs, and lift the entire sector.
And where individual elements of the sector have little macroeconomic impact, initiatives like Project 28 offer a practical path forward. In a market defined by caution, collaboration and early action may be the key to unlocking progress.
The Today’s Conveyancer podcast can be found on your preferred podcast provider and also at www.todaysconveyancer.co.uk. Subscribe and listen in for all the latest conveyancing industry news and views.
Thank you to our podcast sponsors PEXA, SmartSearch and VacantC Legal Recruitment.
