An analysis of HM Land Registry data by Search Acumen reveals there was a 4% drop in the number of active property law firms in the financial year 2024/25, which the legal and property tech company says is due to ongoing ‘notable’ sector consolidation.
There are now 3,719 active property law firms in England and Wales, down from 3,887 the year previously. ‘As a result, average caseloads per firm have begun to rise,’ Search Acumen said. ‘Property law firms on average handled 267 transactions in the last financial year, a 7.8% jump on the preceding financial year’.
However, while the data analysed by Search Acumen shows that firms completed a total of 992,024 residential and commercial transactions over the period, an IRN Legal Report published in January this year revealed that one firm – Taylor Rose – was responsible for 18,000 transactions in 2024. The top ten brands carried out 9.7% of all HM Land Registry transactions, with the next 10 taking a combined 4.4% share.
When viewed over a longer period, the analysis by Search Acumen found that transaction volumes in Q1 2025 are only 5.2% higher than they were for the same period in 2015, while the number of active property law firms has fallen by 13.2%. Overall, average caseloads in the last quarter are 21.24% higher than a decade ago.
Source: Search Acumen analysis of HM Land Registry data
The data also sheds light on the trajectory for the year so far, Search Acumen notes. The first quarter of 2025 saw a 1.1% increase in completed real estate transaction volume compared to the previous year. However, growth was offset in April, when volumes were just under 5% lower than last year – resulting in an overall fall in completed transactions of 0.4% in the first four months of the year.
Andrew Lloyd, managing director at Search Acumen, said the figures are concerning. He commented:
“It’s been almost a year since the current Government came into power, but we are yet to feel the impact of its ambitions for the UK’s property sector.
“[T]he reality is that transactions are still not where the industry would like them to be, and these figures are concerning. The real estate sector is at a critical juncture. With macroeconomic turmoil looming overseas, there is a danger that a drop in market confidence could derail growth in the property sector.
“In the face of these challenges, the remainder of the year will be pivotal. The Spending Review sent some strong, positive signals, opening the doors to more sustained growth in transaction volumes.
“Real estate lawyers will be under pressure to keep up the pace as they navigate a rapidly evolving landscape driven by considerable market consolidation. Many increasingly find themselves in growing, centralised practices with rising levels of casework and a need to make sure they are investing in the right tools to deliver the results they’re aiming for. Under these conditions, maximising efficiencies and standardising processes across teams is essential to maintaining speed and quality.”
