Conveyancing Hit Hardest In Pandemic
During a time when many people have had to adapt to social distancing, working from home or being furloughed, it’s safe to say that we all expected a loss in business as the pandemic raged its way through the UK.
In an attempt to curb the pandemic, the UK Government put in place a number of safety measures in a bid to save lives and protect the NHS. One of these measures was to temporarily close the housing market and delaying people from moving until the lockdown measures were lifted.
A survey conducted by DPS Software, has revealed that the impact the coronavirus pandemic has had on conveyancing has made it the worst hit area in the legal sector.
Conveyancers who took part in the survey, revealed that they had seen a significant reduction in business.
The DPS Software report stated:
“This is understandable as the conveyancing industry essentially came to a halt as home movers delayed their plans following government advice.
“Social distancing measures meant that viewing homes, attending solicitors’ offices for meetings and to sign documents became almost impossible.”
The amount of business firms are – or not – conducting, is only one of their worries. 60% of law firms took advantage of the Coronavirus Job Retention Scheme (furlough scheme), as they battled to maintain their workforce and prevent their firm from going under.