Firm releases annual index on the cost of conveyancing
The conveyancing industry is still recovering from the rise in inflation over the past couple of years, according to Compare My Move, a conveyancing and surveying lead generator.
The firm, which has put together an annual index on the cost of conveyancing for people buying and selling a house, revealed that the average cost of conveyancing in 2024 has risen by 4.5% from 2023, slightly above January 2024’s inflation rate of 4.2%.
The Compare My Move Conveyancing Index 2024 also showed that the average cost of a conveyancer for purchases in 2024 has risen by 18.7%, or £247, from 2023. In contrast, the average cost of a conveyancer for sales has decreased by 10.3%, or £131.
Compare My Move highlighted a consistent drop in national house prices across the UK from the end of 2022 to the end of 2023, coupled with a rise in the office bank rate. This trend has led to a reluctance to sell over the past year, though activity has recently picked up as prices begin to rise again.
The report indicated that buyers have benefited more than sellers in the past year, despite the rising base rate, as they have been able to purchase properties that could have been 10% to 15% more expensive a year earlier.
“As we are well into 2024, we have seen a consistent rise in house prices and a drop in inflation,” said Dave Sayce (pictured), managing director and founder of Compare My Move. “This should also bring a decline in the base rate later in the year, but for now, things are looking positive for the housing market.
“This will reflect on the conveyancing industry, more people will be buying and selling, and therefore, we expect there to be a rise in both purchase and sale services, as well as a significantly higher increase in the overall cost of conveyancing.
“There has also been a bigger focus on the digital side of conveyancing in 2024, with the aim to make the process as efficient as possible for both client and conveyancer. Although I don’t think this will have much of an effect on the cost of conveyancing in 2024, it should eventually bring the cost of conveyancing down – as the process will be shorter and smoother.”
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