Search Acumen comments on HMRC’s Monthly Property Transactions for July

Andy Sommerville, Director of Search Acumen, comments:

“Much like this rainy August, there wasn’t much sunshine to be found in the property market this past month, as a muted July tells us that most potential home buyers are still concerned about the looming Brexit deadline.

“And the gloom is not set to abate any time soon. The closer we get to a decision on the UK’s departure from the EU, the more likely property owners will want to ‘wait and see’ before making any firm decisions to buy or sell.

“Our latest Conveyancing Market Tracker, which monitors business performance and competitive pressures in the legal property market, confirms this trend has been happening for a while. It found that total number of cases handled by property lawyers fell by over 10% between Q1 and Q2 2019, and 20% since Q2 2016.

“While property professionals are faced with a tough market, now is the time to think differently and be ready to welcome new ways of doing business. Those who embrace technology to increase efficiencies, make their processes more transparent and speedier are well placed take advantage of better days to come.”

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