Conveyancers have been busy over recent years with periods of unsustainable activity working towards intense deadlines. The problem with any conveyancing department is the management of capacity, finding space for cases when the market is busy and then hunting work when the market is quiet…. And so there is a need to keep a handle of firms performance against market conditions, overall, have you either out performed the market, under performed or maintained? That is why we have reviewed total residential completions for England and Wales using 2017 as a more ‘normal’ year to 2022 which we hope you find helpful.
Overall, from July 2021 to June 2022, over the 12-month period, the total
number of transactions was marginally more when compared to 2017 with the
profile of completions split over the first 6 months compared to the second 6
months being broadly the same.
We understand that this may not show the total picture as pipelines may have
been significantly higher, resulting in pipeline conversion dropping… however,
the purpose of this review is to benchmark how your firm performed against the
greater market.
The big question going forward is how many transactions are we expecting in the next 12 month period?
Well considering that it’s predicted that 33% of the nine million borrowers currently on fixed deals will see them ending within the next two years, combined with homeowners having to cope with price rises of circa 13% and face potential job losses in a recession that the BoE predicts may last for 15 months as unemployment is predicated to rise from currently 3.8% to possibly over 5% it wouldn’t be unreasonable to suggest that we are heading for a material drop.
We would therefore suggest that now is the time to prepare so that you are best placed to navigate through the storm which is heading and position your firm for growth.
If you would like to understand more about what preparation could look like for you from our prospective, we would be happy to discuss.
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