Just 55,381 residential property transactions completed in March, conveyancers claim, with 400 firms left with no sales  to register during the market lockdown.

Stark analysis by conveyancing software provider Search Acumen found transactions hit a four-year high in January at 104,325 before slumping to a seven-year low in March as the pandemic hit the UK in what the firm is calling a ‘corona-coaster.’

Its analysis of conveyancing firm activity found the number of transactions in March was down 34% annually and fell 47% compared with the two previous months.

Conveyancing firms registered just 15 transactions each on average during March, equivalent to a quarterly run rate of 45, which would be the lowest since the second quarter of 2013.

Overall, the first quarter of 2020 saw a 5% quarterly increase in transactions with 236,641 sales completed.

The increase was driven by activity at the start of the year and the brief hope of political and economic certainty returning after December’s election result, Search Acumen said.

This was down 8% year-on-year, with bigger annual falls expected during the second quarter as a result of the pandemic and property market restrictions during this period.

Search Acumen said the number of active firms had been at around 3,900 since the start of 2019.

This figure reached 4,135 in January 2020, the highest peak since November 2018.

But as market conditions turned, this measure then fell to 3,726 in March 2020 – the lowest level since records began in 2011, with more than 400 firms going quiet and not registering a single transaction.

Andy Sommerville, director of Search Acumen, said: “After high hopes for a year of growth came to a dramatic end. The January bounce was followed by a steep drop in transactions and active firms – putting an end to hopes of stability and certainty following the 2019 election.

“While the seven-week freeze on property transactions that began in March is starting to thaw, it is clear expectations have changed and the property industry cannot simply go back to old ways of working.

“The figures for the second quarter will look tougher still, but we have been encouraged by the fresh energy and dedication with which many firms have pivoted their services and sought to digitise traditional practices in the face of adversity.

“While parts of the industry had been reluctant to adapt for the 21st century, Covid-19 has been an unwelcome catalyst for change that can bring lasting benefits once the health crisis abates. This includes innovations like virtual reality, video viewings and contactless valuations – all bringing greater efficiency to the home buying process.”