A rise in property transactions – a market on the up

The Conveyancing market has been struggling in recent years – but things are on the up.  

In recent months, we’ve seen firms rush to make new hires to deal with an influx of work – and now, data from the Inland Revenue shows just how high the rise has been. Comparing the number of residential property transactions in August 2024 to the number from the same month last year, we can see that the number has risen by 10% on the same period.  

Despite the summer months being a traditionally quieter time for property movements, it seems like the market has been recovering from a slump thanks to high inflation, high interest rates, and the effects of the 2022 mini-budget. Even comparing the figures from July, there has been an 8% uplift in August. According to the Today’s Conveyancer website, this may be because people are taking advantage of the recent Bank of England cut in interest rates that is giving people confidence to look to move, with it now being a little cheaper to borrow. There is also cautious optimism even about a minor fall in house sales, as the market seems to have built some resilience to the more volatile conditions out there.  

With some upcoming challenges, including the next budget at the end of October, it will be essential to watch this market to see if the new Labour government’s policies affect it. Measures such as an adjustment to stamp duty or any additional support for first-time buyers might help to increase confidence and trade in the Conveyancing market further.   

Consumer confidence seems to be increasing, bringing in more work for firms in Conveyancing. Here at Douglas Scott, we shall keep an eye on the market and report on any future changes.