Land Registry transaction data shows 10% fewer firms making applications compared to last year

The transaction data released by the Land Registry for February 2012 records shows that a total of 1,020,472 applications were made by account holders.  Of these, 224,939 were applications for dealings in registered land.  This is a rise of 6% compared to February 2011 (210,867 dealings).
The figures show a drop in the number of firms sending in applications over the last year.  In February 2012 a total of 6123 firms made at least one application for a dealing in registered land.  This is a fall of 720 firms compared with the same month in 2011.  10.5% fewer firms are sending applications to the Land Registry.   
For February 2012 the firms who filed the most applications for transfers of value were My Home Move Limited (898), Countrywide Property Lawyers (741) and O’Neill Patient (487).  The top three firms performed 4.16% of all transfers of value in February.  This is a slight rise compared to last year the top three firms made applications for 3.54% of all transfers for value.
The number of firms making applications has dropped considerably, but this isn’t reflected in a drastically larger market share held by the best performing firms.  As the market continues to strengthen, this is a good sign for those wishing to compete, showing that there is a piece of the market share to be won.
It is quite possible that the narrowing of lending panels is forcing some of those with very few transactions out of conveyancing.  This is likely to continue over the next few months, and so it will be interesting to see if the trend of fewer firms involved in conveyancing continues.
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