Conveyancing enquiries increase by 1.5% in Q2 2024 – data reveals

As the year has progressed, more people are looking for conveyancing solicitors, with an overall increase of 1.5% in conveyancing enquiries between the first and second quarters of 2024, according to Compare My Move’s recent Conveyancing Index.

Compare My Move has put together a quarterly index on the cost and popularity of conveyancing for Q2 of 2024. This data considers the average cost of both buying and selling conveyancers, as well as the number of enquiries that Compare My Move has seen for their conveyancing partners.

The average cost of conveyancing has risen 4.5% in the first half of 2024, now averaging £1,383.66. This means that people both buying or selling their house are paying £21.50 more for their conveyancing than they would be at the start of 2024.

The average cost of conveyancing when purchasing a house was more than double that of the average cost of selling a house, rising by 8.6%. Although significantly cheaper, the average cost of conveyancing when selling a house rose by almost 10% between Q1 and Q2 of 2024.

The average house price in the UK has risen by 2.9% between Q1 and Q2 of 2024, this rise will have a significant effect on the cost of conveyancing as the more expensive the property that you are buying or selling, the more expensive the conveyancing process is going to be.

What’s more, below is the percentage increase in conveyancing enquiries between Q1 and Q2 of 2024.

Conveyancing Enquiries
Conveyancing Type Percentage of Enquiries Q1 2024 Percentage of Enquiries Q2 2024 Percentage Change
Purchase 71% 69% + 1.7%
Sale 29% 31% + 9.2%
Overall + 1.5%

As the year has progressed, more people are looking for conveyancing solicitors, with an overall increase of 1.5% in conveyancing enquiries between the first and second quarters of 2024. People enquiring for Sale conveyancers has increased by 9.2%, while enquiries for Purchase conveyancers have only risen by 1.7%. Dave Sayce MD and founder of Compare My Move, said:

“The consistent rise in house prices is having a positive effect on the conveyancing industry. The property market is now healing from the rising mortgage rates and falling house prices we saw in 2023, with the base rate static at 5.25 and threatening to drop with inflation now at its target of 2%.

With a new government, the housing industry is eager to see what comes next, but it’s unlikely there will be much change in the progress the housing market is making – house prices should still rise throughout Q3 and towards the end of the year and therefore so will conveyancing costs. However, I do suspect we will see a rise in the amount of people selling in the next few months.”

 

One Response

  1. I’m not sure I would call 1.5% a surge considering I have seen reports stating we are 40% down on completions from where we were 5 years ago. A 9.2% increase in sale enquiries shows the extent of the problem. Not enough buyers for the volume on the market.

    The housing industry is currently stagnant and it needs a big boost to get back to where it needs to be. So many people are sitting and waiting for the Bank of England to announce a cut in Interest Rates; over to them.

Want to have your say? Leave a comment

Your email address will not be published. Required fields are marked *

Read more stories

Join over 7,000 conveyancing professionals – Check back daily for all the latest news, views, insights and best practice and sign up to our e-newsletter to receive our daily and weekly round ups

You’ll receive the latest updates, analysis, and best practice straight to your inbox.

Features