High inflation results in slight drop in cost of conveyancing

The quarterly Conveyancing Costs Index from home moving company reallymoving shows the cost of conveyancing dropped slightly in Q2, with a decrease of 0.1% taking the average cost of services to £2,435. Adjusted for inflation, costs fell by 1.9% compared to the previous quarter and 1.2% annually.

Despite the dip, seven out of 12 UK regions saw quarterly prices rise, with the largest increases in the East of England (3.3%) and West Midlands (3.1%). Reductions in Wales (down 3.2%), the North East (2.8%), North West (2.2%), East Midlands (1.5%) and London (0.2%) brought the national average down slightly.

‘This mixed picture can be attributed largely to local transaction volumes and associated competition for legal services’, reallymoving explained.

Founder and CEO Rob Houghton added:

“Following a rush of completions in Q1 ahead of the Stamp Duty deadline, conveyancing costs have now stabilised, dipping only fractionally in Q2. While firms have managed to sustain most of the price gains made earlier this year against a backdrop of softening demand, home movers are actually paying slightly less in real terms than they were 12 months ago.

“Home movers continue to be cautious and price-sensitive, but transactions have steadily recovered since the disruption caused by changes to Stamp Duty in the spring. That said, speculation around property tax reform could slow momentum leading up to the Autumn Budget if homebuyers adopt a wait-and-see approach, putting conveyancing costs under pressure again.”

The analysis is based on 47,000 conveyancing quotes for combined sale and purchase from reallymoving, including expenses and disbursements. Figures are updated monthly on reallymoving’s live Conveyancing Price Index webpage, which includes data going back to 2018.