New research has indicated that Brexit has had little negative impact on the volume of conveyancing despite economic uncertainty.
According to research carried out for the Law Society Gazette, an increase in the volume of residential conveyancing work was observed by a third of respondents during 2017. This is largely in contrast with the numerous reports suggesting the market would decline in the run-up to the UK’s departure from the European Union.
Based on the views of 33 firms, the survey was undertaken by Andrew Otterburn of the Law Consultancy Network. Of the firms that took part, just under three-quarters (70%) took on commercial work, whilst almost 80% did private client work.
The main concern among those asked was Brexit, then followed by economic and political uncertainty. Behind this, respondents felt that retention and recruitment were also concerns, as well as profit margins. Aside from the main issues, other worries included the soon to be implemented General Data Protection Regulation, staff costs and the housing market in general.
Otterburn commented on the survey responses, highlighting the difficulties stemming from uncertainty, especially in terms of accurately reflecting the market.
‘Brexit and the economic and political uncertainty around it is clearly a concern for many firms, and increasingly the news headlines are dominated by stories of the economy slowing, yet this survey indicates that many firms are still actually pretty busy.’
