The number of active conveyancing firms in England and Wales has dropped below 4,000 for the first time – according to research by Search Acumen.
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Consolidation in the conveyancing market is continuing, reports Search Acumen, as its Q1 2019 edition of the Conveyancing Market Tracker indicates that the top 200 conveyancing firms now control more of the market (39%) than ever before.
The research by the property data insight and technology provider also shows that the increasing consolidation has resulted in a further drop in the number of active conveyancing firms in England and Wales. The total dipped below 4,000 (3,961) for the first time between January and March this year, down 9% on five years ago – equivalent to 369 fewer active firms.
Andy Sommerville, Director of Search Acumen, commented: “The consolidation of the market continues in conveyancing. However, while larger firms are processing a higher share of activity, it would be a mistake for them to rest on their laurels.
“The beginning of 2019 has marked a dampening of overall current activity. During the lull in transactions, we encourage those companies who have strengthened over the last few years to pause and take stock of the current landscape to avoid missing out on key opportunities resulting from the current industry shifts.
“As smaller firms that tend to operate on a more local scale are increasingly squeezed out of the market, we risk seeing a consequent fallout of their specialist knowledge. It is here that technology can play a crucial role. Continued efforts by the Government to digitise property and land data – coupled with innovative and efficient ways to add to and maximize the growing pool of information – mean that conveyancers and lawyers can benefit from better insights at their fingertips.
“Our analysis shows that average number of cases conveyancing firms dealt with in Q1 2019 still remains relatively healthy even in the face of market headwinds. However, going forward we expect a prevailing sense of uncertainty until the ongoing political fog lifts across the UK.”
