UK conveyancing activity dropped to a four year low in the second quarter of 2017 – a sign of stagnant housing market activity.
Search Acumen’s Conveyancing Market Tracker put conveyancing volumes at 210,963 in Q2, down from 245,738 in Q1.
Andrew Lloyd, managing director of Search Acumen, said: “The dip in conveyancing activity should come as no surprise to those closely watching the UK property market, but it poses a significant challenge for conveyancing firms that want to survive and grow.
“Last time the market was this quiet for conveyancers, we saw major interventions through Help to Buy to support first-time buyers.
“The fact that second-steppers are now finding life hard suggests there is still much to do to effectively balance the UK housing market – not least addressing the shortage of homes to go round.
“Meanwhile, with fewer customers to play for, competitive pressures are heightening and conveyancing firms face more of a challenge to attract new business.
“No-one wants to get left behind in the second half of the year and if growth returns after the summer, the biggest winners will be those firms that are ready to leap out of the starting blocks.”