Prime and super-prime segment of the property market driving bulk of activity
Number of quarterly residential property transactions worth £1m or more liable for SDLT reaches record level of 8,300 in Q1 20211 Number of quarterly residential property transactions worth £1m or more liable for SDLT climbs 9% over the last quarter, up from 7,600 in Q4 20201 Andy Sommerville, Director at Search Acumen, says: “This latest […]
Bumper March as transactions complete before original SDLT deadlines
The effect of the stamp duty land tax (SDLT) and land transaction tax (LTT) holidays, has helped produce a bumper March for housing transaction numbers, with data released by HMRC this morning (21st April 2021), revealing that March 2021 had more than double the amount of transactions of the same time last year for England, […]
Construction continues to contribute to UK economic recovery
Private and public new housing work up 0.3% and 13.5% over the last month respectively1 Andy Sommerville, Director at Search Acumen, says: “This latest data shows construction continues to cement itself as one of the key contributing sectors powering the UK’s economic recovery. “The rise in new housing construction work over the last month can […]
Economic Climate
Jo Hodges, Sales and Marketing Director at Redbrick Solutions shares her thoughts with Today’s Conveyancer about the current economic climate and the impact on the conveyancing sector. The continued roll out of the COVID-19 vaccines means the UK is now getting some control back over the pandemic. A plan for exiting lockdown is in place […]
Housing market still receptive to stimulus measures
• House prices jump 1.1% over the last month to reach record high1 Andy Sommerville, Director at Search Acumen, says: “This latest data shows that the housing market is still receptive to government stimulus measures. “The rise in house prices over the last month can be partly attributed to improved consumer confidence in the housing […]
Demand softens as buyers put transactions on ice
Andy Sommerville, Director at Search Acumen, says: “This latest data shows activity in the property market started to level off ahead of the end of the initial Stamp Duty holiday. “The slide in property prices has been partly driven by buyers putting transactions on ice until greater certainty over whether the SDLT holiday would be extended […]
The property market at five year high 12 months after first lockdown
The 23rd March 2021 marked the first anniversary in which the UK went in to a national lockdown to begin its fightback against the coronavirus. It’s a year that many of us would like to forget. There has been lots of uncertainty, juggling working from home, homeschooling and for some taking those tentative steps back […]
Over 1,000 conveyancing firms go missing in action over last decade
Competitive pressures drive industry consolidation as active firms fall from 4,836 to 3,808 Average number of transactions per firm plummets 43% during first lockdown However, average firm sees caseload grow by 63% over the last ten years The number of active conveyancing firms in England and Wales has fallen by over one thousand since 20111, […]
Stamp Duty holiday fuels recovery in construction activity
Volume of new private housing output jumps 2.7% over most recent three months compared to previous three months1 Andy Sommerville, Director at Search Acumen, says: “This latest data reveals the impact the anticipated earlier end date for the Stamp Duty holiday has had on activity in the construction industry before the announced extension. “The slight […]
Property transactions jump 27% in one month as Conveyancers rush to meet the Stamp Duty cut off
Conveyancing volumes rise 27% in one month, with 73,142 transactions occurring in December 2020, up from 57,632 in November 2020 Numbers of active conveyancing firms continues to recover from the troughs of first lockdown – now up to 3,800 December 2020 was the busiest month for transactions since the onset of pandemic Annual transactions in […]
Consumers face high price premium when purchasing new builds
Price gap between new builds and existing properties in the UK reaches £64,6241 Andy Sommerville, Director at Search Acumen, says: “This latest data illustrates the level of the price premium consumers often have to swallow when purchasing a new build. “The wide gap between new build and existing property prices can be partly attributed to […]
Construction industry remains resilient amid pandemic disruption
• New private housing output up 6.7% over the last quarter1 Andy Sommerville, Director at Search Acumen, says: “These latest figures show the construction industry is one of the most resilient sectors of the UK economy. “The uptick in private housing output over the last quarter has been partly driven by housebuilders responding to elevated […]
Number of properties owned by overseas companies falls by 4,000 since EU Referendum
• Brexit uncertainty prompts overseas companies to dispose of properties in London and the South East • While overseas company property ownership rises sharply in the North of England – up 11% and 9% in Merseyside and Greater Manchester respectively The number of properties in England and Wales owned by overseas companies has fallen by […]
Why AI could hold the key to revolutionising legal work on UK property transactions
This year has shown us that more than ever technology is an essential part of how we work. Integrating transformative technologies such as AI and machine learning should be front of mind if we are to build on the progress made to date around streamlining and improving efficiencies in vital legal real estate processes. We […]
Active Firms leap 56% and transactions double from Q2 – but can the recovery last?
• The number of active firms jumped 56% in Q3 2020, rising to 3,751, up from 2,411 in Q2 2020 • Conveyancing volumes increased sharply by 105% over the last quarter, climbing to 169,143 in Q3, up from 82,385 in the previous quarter • First registrations experienced the biggest jump of transaction types over the […]
Home Buying and Selling Group launches new industry pledge
Home Buying and Selling Group launches ground breaking industry pledge to support home movers in England and Wales Since lockdown, the HBSG has been working with the home moving industry to help ensure the home moving market operates as well as it can during Covid-19 and beyond. The group produced pan-industry guidance on the day […]
Recover For The Future Not The Past
Covid-19 has presented the world with the worst health crisis in over a century, prompting governments and business leaders to work closely, pool resources and limit the impact of the virus. Amidst the chaos, it has acted as an unexpected catalyst for several changes in some of the UK’s leading sectors. The property sector has […]
Working Together To Put Data At Heart Of The UK Planning System
By Andrew Lloyd, Managing Director, Search Acumen The recent months may have been filled with uncertainty, but now it is time to act decisively on some of the clear learnings that have emerged. While Covid-19 exposed the vulnerability of those in the property sector who had not already adopted digital practices, we have been encouraged […]
Conveyancing Comeback Gathers Pace In June After Covid-19 Cliff-Edge
Search Acumen Conveyancing Market Tracker – Q2 2020 edition 82,385 completed transactions registered in England and Wales during Q2 2020, the lowest level since records began in Q2 2011 and a 65% decrease on the previous quarter as Covid-19 froze the market April saw the biggest decline with just 440 transactions registered – less than […]
Experts Comment On Property Transaction Surge And Market Conditions
The latest figures from HMRC of UK Property Transactions Statistics revealed a significant surge in property transactions in July, most probably due to pent up demand following Covid-19 lockdown. According to the latest update, the number of residential property transactions rose by 14.5 per cent between June and July to 70,710, although as a comparison […]