The market is recovering after COVID-19 restrictions but still uncertainties ahead. Some key findings from the report are:
- The pandemic hit the conveyancing market hard in the first half of 2020 but residential property transaction volumes began to grow again in the second half of the year. The overall result was a decrease of 11.2% in UK residential property transactions in the year to 1,045,080.
- The housing transaction data for the eight months up to August 2021 shows a healthy recovery in transactions compared to the same period in 2020. The numbers suggest that housing transactions will be around 1.5 million in 2021, an increase of over 42% on the disastrous year in 2020.
- However, consumer confidence has been hit in the second half of 2021 by worries over potential high price rises, unemployment, and the impact of inflation on household finances. So In 2022, IRN Research is forecasting a modest growth in the conveyancing sector.
- The market value of the residential conveyancing market also took a hit in 2020, declining by 7%.