55% of conveyancers say they are ‘confident’ in the current stability of the property market; one third were neutral, and 12% lack confidence according to the first results of a new Confidence Tracker launched by the Council for Licensed Conveyancers (CLC) to gauge the views of the profession on the current state of home buying and selling market.
The survey ran from 12th February to 11th March and asked conveyancers to provide sentiment around market stability, improvements in the conveyancing process, technology, and client sentiment. Of the 85 respondents most said transactions are taking three to four months to complete from acceptance of an offer to completion .Just 17% of respondents report seeing improvements in the conveyancing process, suggesting say the CLC, efforts to modernise the home moving process must be redoubled.
Conveyancers report little convergence amongst buyers and sellers in their confidence levels, with less than a third of buyers (29%) and sellers (28%) showing any positivity about current property market conditions.
The tracker will become a regular ‘temperature check’ of those working in conveyancing, monitoring the sentiment and expectations of conveyancers to provide an insight into the health of the industry.
Commenting on the first responses CLC Head of Strategy and External Relations, Stephen Ward, said
“It’s good to see that confidence levels are high. But 2025 holds a lot in store for the property market. Next month’s stamp duty land tax (SDLT) changes will undoubtedly have an impact. We also expect to see interest rates continue to gradually trend downwards.
“The introduction of material information aims to improve transparency and reduce delays caused by unexpected revelations late in the transaction and it should really start to have an impact in 2025. It will be valuable to see how all of this is reflected in the future editions of this survey, especially with the government’s recent process. commitment to working with the industry to reform the property transfer process.”
One Response
So probably around 45 conveyancers are confident based on this survey. What a waste of time and money, and what a pointless exercise to publish results based on 85 respondees. Once again CLC you show yourselves in a bad light. No wonder nobody takes you seriously.