SearchFlow Sentiment Survey finds conveyancers need more clarity around new CON29

SearchFlow Sentiment Survey finds conveyancers need more clarity around new CON29

Market stability boosts recruitment confidence

New research from SearchFlow, the UK’s leading conveyancing search provider, has found that potential changes to the CON29 report is causing confusion amongst conveyancers.  SearchFlow’s third Conveyancer Sentiment Survey has found that 53% of conveyancers surveyed are unaware of the proposed changes. Three-quarters (75%) of conveyancers recognise the need for greater provision by the industry around more information on the changes, which are set to come into place in April 2015.

The forthcoming changes to CON29 will see the introduction of new forms affecting those involved in property transactions.  Both solicitors and local authorities will be required to respond through planned budgets, resources and system changes accordingly, however the survey findings suggest that these changes have yet to be effectively communicated.

SearchFlow’s Conveyancer Sentiment Survey also explored the impact of lender panels on conveyancers’ business, with 50% citing this as their major cause for concern for the second half of 2014.  Access to panels, the requirement to provide duplicated information and ability to communicate to lenders are all seen as stifling growth.  Lender panel impact is further evident when examining solicitors’ income; panel instructions accounted for just 9% of business revenue for solicitors (up from 6% in the last two quarters).  Direct business continues to account for the lion’s share of revenue at 65% in this third quarter.  Elsewhere, 45% of those surveyed said housing market stability is also a real issue.

The findings also suggest that conveyancers believe that the market is levelling out with just 16% of conveyancers experiencing growth of over 25% in the last quarter, compared to 41% in the previous quarter. With 43% of the conveyancers surveyed seeing growth of over 10% however, there are indications that the property market is beginning to stabilise; 20% of conveyancers have said growth has stayed the same. This supports HMRC’s recent figures for property transactions in August, where a 1.7% decrease between July and August suggested a re-balancing of the UK property market.

Market stabilisation is helping to drive conveyancers’ confidence around growing their teams. Nearly a third (31%) said they were “very likely” to increase their headcount in the next quarter, up 10% from 21% in the previous quarter and from just 11% at the start of the year.

"CON29 is clearly a major concern for the conveyancing sector and this, our third survey with The Law Society Gazette, shows there is a real need for the industry to communicate these changes to the conveyancing community and beyond.   There is an opportunity to show real leadership here and certainly SearchFlow is already working with our partners to that end," comments John Pickford, Managing Director, at SearchFlow.

"We welcome the signs of the market settling following two consecutive quarters of incredible growth.  It’s this sustainable  growth that is boosting confidence, enabling conveyancers to  grow their teams, review resources and ensure they stay as commercially effective as possible and leverage the market."

SearchFlow

http://www.searchflow.co.uk

SearchFlow is the UK’s largest provider of legal due diligence data for residential and commercial property transactions. Since its formation, it has supported over 5,000,000 instructions and delivered 26,000,000 searches; this equates to around 1 in every 4 property transactions in the UK. SearchFlow recognises that proactively supporting each client’s journey is vital to delivering the right due diligence insights, searches, data, surveys, and insurance for every transaction – whether a single residential property or a complex commercial portfolio. Via its advanced online ordering platform and backed-up by an award-winning customer service team, SearchFlow supports clients in delivering the conveyancing solutions needed to manage due diligence risk and achieve compliance. By partnering with SearchFlow, property law professionals in the UK can deliver smarter, safer, and faster property transactions to their customers. SearchFlow have been crowned Search Provider of the Year for four consecutive years, and recently won Bronze for Best Use of Technology at the CX Awards. Based in Kent, SearchFlow is a Landmark Information Group business, which is part of DMGT plc. Key Services

Links Address 42 Kings Hill Avenue Kings Hill West Malling Kent ME19 4AJ Key Contact  Rob Steadman robert.steadman@searchflow.co.uk Telephone 0800 977 8818

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