Tune in to Minerva’s latest episode in its YouTube series, which looks at the state of the market for UK property lawyers.
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This episode features industry experts Minerva’s Richard Mathias and Richard Carter, Managing Partner at Martin Tolhurst Solicitors.
The episode, with partners Twenty CI and Inside Conveyancing, delves into the latest trends, data, and insights shaping the UK property market.
Key market trends from the data show:
- Consultancy Model Dominates: Taylor Rose MW and Setfords have surged to become two of the three largest firms by completions, signifying a growing trend of conveyancers moving away from mainstream firms to embrace self-employment under these consultancy banners. This shift is reshaping the industry landscape, offering conveyancers greater flexibility and autonomy.
- Improved Completion Times: The average time to complete transactions has dropped to 111 days (15.8 weeks) across 593,000 completions. This reduction highlights a quieter market in late 2023 and early 2024, allowing for more efficient processing times.
- Leasehold Transactions Delayed: Leasehold transactions are averaging 125 days, approximately two weeks longer than standard transactions. This average conceals significant disparities among firms, with some taking over 150 days to complete leasehold cases, underscoring the need for more streamlined processes.
- Post-Completion Efficiency: The average time to register cases with HM Land Registry (HMLR) stands at 19 days. Bishopsgate Law leads the pack with an impressive 7-day average, while one large firm, ranking in the top 50, has a concerning average of 55 days.
As well as discussing these key insights, the show will focus on Maidstone Kent and its regional trends – do these reflect the same as the rest of the country?
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- The UK housing market is experiencing a period of transition.
- Sales have seen fluctuations due to economic uncertainties and changing buyer behaviours.
- The new government, with its housing policies and economic strategies, is expected to influence the market significantly as we move into the autumn.
- Anticipated policy changes aimed at increasing housing supply, improving affordability, and supporting first-time buyers could drive market activity and reshape the industry’s future.
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