Property market confidence up
Conveyancers see increase in work volumes, with optimism up for 2015
Conveyancers’ confidence in the market is rising, according to SearchFlow’s latest Conveyancer Sentiment Survey. 66% of solicitors have seen their volume of conveyancing work increase so far this year, compared with 52% at the end of last year.
The survey pooled the views of 128 conveyancers across England and Wales between January and May 2015 and findings revealed positivity in market forecasts. Looking forward to the end of 2015, 44% of those surveyed believe that the market will improve.
One of the reasons behind the shift in market confidence is thought to be the reforms to stamp duty taxes, announced six months ago. Five times as many conveyancers cite these reforms as having a positive market impact rather than a negative one (55% compared with nine per cent).
Latest figures released by the Bank of England earlier this month reinforce SearchFlow’s findings. It has been reported that the number of homebuyer mortgages approved by high street banks has seen the biggest rise since 2009, further indicating that housing market stability is increasing again.
“In recent years we’ve seen many ups and downs in the market,” comments John Pickford, Managing Director at SearchFlow. “Early last year activity in the market was booming. And while we saw that start to level out late 2014, market confidence has shifted again. We’re seeing a number of reports in the media which suggest a slowing in the market, however solicitors are painting a different picture. They’re telling us that work is up and optimism is high.
“With the market on the up, solicitors need to ensure that they maintain excellence in customer service while managing increasing workloads. With 63% of solicitors seeing the biggest volume of growth through direct business, it’s imperative that they set themselves apart from the competition by offering a service which can be relied on. This is one of the most effective ways of winning and retaining business, and taking advantage of the improving market.”
For further information about SearchFlow visit www.searchflow.co.uk.