Perfect Portal’s Payment on Account feature sees law firm receive digital payment in seconds
Last week, award-winning digital platform Perfect Portal saw law firm KMC Legal Ltd receive a digital payment using their Payment on Account feature in just 31 seconds. Perfect Portal CTO Drew Wynne said: “This impressive time marked our fastest Payment on Account to date, beating the previous record of 37 seconds by a significant amount. […]
Conveyancing caseloads nearing record highs despite slowing transaction volumes
The average number of cases handled by conveyancing firms continues to soar to near-record levels despite a slowdown in transactions during recent months, new research has revealed. According to Search Acumen’s latest Conveyancing Market Tracker (CMT), caseloads increased 9% quarter-on-quarter between Q4 2022 and Q1 2023. This comes despite transactions falling 29% between December and […]
To what extent will artificial intelligence and machine learning impact the process of transferring title in England and Wales?
Today’s Conveyancer recently held an essay competition in conjunction with the University of Law focusing on the question, “To what extent will artificial intelligence and machine learning impact the process of transferring title in England and Wales?“ The competition was won by Nicholas Royds, a student at the University. Below is his prize-winning entry. Fast-changing […]
Bank of England announces new interest rate rise
The Monetary Policy Committee of Bank of England announced on 11th May that the interest rates in the UK have increased to 4.5%, a quarter rate rise from 4.25% – the highest level in almost 15 years. The Bank has raised its base rate for the 12th time in a row since late 2021 in […]
Uptick in transactions kickstarts spring selling season
This year’s spring selling season has begun on a positive note with a slight uptick in the number of property transactions, new data from HM Land Registry (HMLR) has revealed. Specifically, the number of residential UK property transactions – seasonally adjusted –increased by 1% in March 2023 compared with February 2023. The non-seasonally adjusted figures […]
‘Plenty of reasons to be positive’ as transactions recover in February
New data has revealed UK residential property transactions began to recover in February 2023 with commentators suggesting there are ‘plenty of reasons to be positive’ heading into Q2. HM Revenue and Customs (HMRC) said the provisional non-seasonally adjusted estimate of the number of UK residential transactions in February 2023 is 76,920. While this is 18% […]
Under pressure – fewer firms and rising demand means conveyancing isn’t getting any easier
Today’s Conveyancer reports on new data from Search Acumen’s latest Conveyancing Market Tracker, which indicates (as if you had to be told) that pressure is mounting on firms across the conveyancing sector. The bald figure – an average 79% increase in caseload per firm over the last decade – is interesting enough on its own. […]
Conveyancing caseloads up 79% over last decade – and there’s more to come, data suggests
New data has revealed the average conveyancing caseload per firm increased by 79% over the last decade amidst soaring transactions and a drop in those undertaking work. What’s more, a fresh study has suggested demand for property law expertise is set to rise again in 2023. More work – and less firms Property transactions nearly […]
Conveyancing data provider integrates ChatGPT into its platform
Conveyancing data provider Search Acumen has announced the integration of ChatGPT into its existing portal in an effort to “fast-track the property transaction process”. The proptech firm is inviting select firms to participate in beta testing of the artificial intelligence (AI) chatbot’s integration into their system. They say the software, developed by OpenAI, “will be […]
Transactions broadly in line with previous years despite December drop
New data released by HM Revenue & Customs (HMRC) has revealed that although property transactions fell considerably during the usual December dip in activity, activity remains broadly in line with previous years. HMRC said the provisional non-seasonally adjusted estimate of the number of UK residential transactions in January 2023 is 77,390. This is 7% lower […]
Property transactions climb 4% in November
Property transactions climbed 4% month-on-month in November 2022, new data released by HM Revenue & Customs (HMRC) has revealed. Specifically, the provisional non-seasonally adjusted estimate of UK residential transactions in November 2022 is 114,200, which is also some 12% higher than November 2021. This comes as an encouraging sign that the pipeline of transactions in […]
Data reveals significant drop in transactions during October
The number of UK residential property transactions dipped by 3% between October and September, new figures released by HM Revenue & Customs (HMRC) has revealed. The provisional non-seasonally adjusted estimate of UK residential transactions in October 2022 is 110,850, some 3% lower than September 2022 – a significant drop in deals month-on-month. It’s important to […]
Quiet confidence in order despite September’s slump in house price growth
New data released by HM Land Registry shows average house price growth flatlined between August and September of this year – though the industry is increasingly confident that any slump is more of a normalisation than a “sheer market crash”. Regionally, prices fell 0.6% in London, though rises of as much as 0.6% were seen […]
All you need to know about this week’s SLC Annual Conference
The Society of Licensed Conveyancers will be holding its Annual Conference in Derby on Wednesday 2nd November 2022. Kate Faulkner will be hosting the conference again this year. Speakers joining her in presenting include Dame Janet Paraskeva (CLC Chair), Simon Hayes (HM Land Registry Chief Registrar), Paul McFadden (Chief Ombudsman at LEO), and Matthew Hill […]
Transactions remain above pre-pandemic levels despite slower September
The number of transactions slowed in September yet remained comfortably above pre-pandemic levels, the latest data from HM Land Registry (HMLR) has revealed. The provisional non-seasonally adjusted estimate of UK residential transactions in September 2022 is 112,370, which represents a 1.8% decrease from levels seen in August. Yet, compared with the 99,570 transactions seen in […]
Average house price inches towards £300,000 in August
HM Land Registry (HMLR) has confirmed that house prices across the UK climbed a further 0.9% in August 2022 to an average of £295,903, totalling an annual price change of +13.6%. House price growth was strongest in the South West where prices increased by 17.0% in the year to August 2022. The lowest annual growth […]
HBSG has taken industry as far as it can without government intervention
The government needs to step in to mandate reforms that promise to revolutionise the home buying and selling process, a roundtable organised by the Council for Licensed Conveyancers (CLC) has heard. Speakers at the annual stakeholder event also highlighted recruitment issues in the conveyancing market, after the huge surge of work during the post-lockdown stamp […]
The great wealth escape: One in three high-value homebuyers venture beyond London
New analysis by Search Acumen, the property data and technology provider, shows one in three of the biggest spending homeowners in England and Wales are buying outside of London as the pandemic continues to reshape housing market trends. Data for 2022 to date from HM Land Registry shows 34% of the 1,000 highest value residential […]
How did the property industry react to the stamp duty cut?
Capturing the industry’s reaction following announcement that stamp duty will be cut Following Chancellor Kwasi Kwarteng’s announcement that stamp duty land tax (SDLT) would be cut as part of his mini-budget on Friday, Today’s Conveyancer polled the thoughts of the industry on the impact of the changes moving forwards – here’s what they said. A holiday’s off […]
Bank of England announces further 0.5% interest rate rise
The Monetary Policy Committee of the Bank of England voted 5-4 on Thursday that interest rates in the UK should be increased by 0.5 percentage points to 2.25% – the highest rate in 14 years, but just shy of the widely anticipated rise of 0.75%. With inflation currently at a rampant 9.9%, Threadneedle Street will […]