In 2019, the number of residential property transactions decreased by 1.2% on the previous year but there were signs of some recovery towards the end of the year. The recovery was continuing in the early part of 2020 but by March 2020 numbers were falling. In the first quarter of 2020, transactions decreased by 1% on the same period in 2019 but, in April/May 2020, transactions dropped by 55% on the same period in 2019.
While the sector is still populated by many small conveyancing firms, there are clear signs of consolidation as the larger volume players accelerate their growth through acquisitions and mergers. Despite the increased market presence of the leading players, no one brand has a significant market share yet. However, the top ten brands have increased their share of Land Registry transactions to over 8% in 2019 from around 7% in 2018.