Searchflow report shows "mini-boom" for market
Conveyancing has enjoyed a mini-boom, with firms reporting a 15% rise in work.
Nearly 60% enjoyed a rise in work in the last 12 months while seven per cent endured a fall, according to a national survey by property search provider Searchflow.
This contrasts with Land Registry records showing a three per cent drop in property sales in England and Wales.
More than one quarter of respondents said lenders’ panel selection decisions are the main threat to their business, while one-fifth said the weak property market, 15% said the rising cost of insurance, 13% said the commoditisation of services, and 11% said the increasing risk of liability.
Only 13% saw alternative business structures (ABS) as a threat. Similarly, fewer firms are considering becoming an ABS—just 11% this year compared with 21% in the 2012 survey.
Marshall King, chief executive of Searchflow, says: “The fact that panel selection and market weakness is top of mind for many solicitor firms probably indicates that security of incoming business remains the overall top concern.”
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