Conveyancers may often be blamed by agents for delays in property transaction, but new data suggests they are working at their fastest rate.
Searches provider Search Acumen says productivity levels have soared, rising by 69% since 2012 from 71 cases to 120 in 2016 per conveyancer.
Workload increased from 110 to 120 cases per conveyancer between 2015 and 2016.
Over the course of a working year, practitioners now complete a transaction every 2.1 days on average, down from 3.6 days back in 2012.
This all comes as the number of conveyancers operating within the industry has dropped by 11% since 2012 to 17,964.
While the number of practitioners has fallen, the number of transactions has continued to rise, increasing by 51% since 2012 to 2.2m in 2016, according to the index.
Andrew Lloyd, managing director at Search Acumen, said: “Conveyancers are doing more than their fair share when it comes to addressing the UK’s ‘productivity puzzle’.
“With a remarkable uplift of nearly 70% in their output over just four years, there is no doubt that conveyancers are working harder than ever before for UK home buyers.
“But many conveyancers are also feeling the pressure. They are facing a significantly demanding workload at a time when advances in technology are ramping up consumers’ expectations of the service they will receive.
“To put it simply, there is more work to be done but fewer conveyancers to work on it.
“This is a concern because ultimately it’s home buyers who will suffer.”
Ok … So I don’t want to pour cold water on this article … But ….
Come on guys – these numbers just don’t stack up.
2.2m transactions in 2016? Remind me again of the number of houses sold … Even if we say that this includes remortgages (which are pretty irrelevant to the housing market) this doesn’t correlate to HMRC SDLT returns.
And then … Saying that transactions are quicker than ever … Did you want to fact check against RICS’s figures of 16 weeks ….the slowest ever.
I’m sure #henrypryor will add some more fuel to this but this story smacks of a reprint of a vendor story to me – or am I being a little harsh in letting the facts get in the way of a story?
I’m sure none of your agency readers will find this story convincing…
Peter
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Every transaction has a buyer and a seller – hence 1.2m transactions = 2.4m conveyances. Plus sometimes the lender has its own conveyancer.
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Quite right, the numbers do not add up.
@1.2m completions per year.
And as for working harder – We’re seeing customers in normal 4 party chains having an offer to completion timescale of anywhere from 4 to 9 months.
And this without a sale collapsing and the chain reforming.
16weeks feels about right too. Remembering that C&C were happy to announce an average of 12 weeks two (ish) years ago. Right now, the timeframe has most certainly extended.
Would be a good idea if EA’s would educate their staff to stop trotting out the normal 6-8 weeks **** at time of offer – that would help reduce client angst.
Not too mention (and yes this is personal motive hijacking the reply) stopping focussing on completion dates and start focussing on exchange dates instead.
Oh, and as for conveyancers working harder, what? For the 3 or 4 days a week many are only doing now……..?
Or like one in Astwood Bank who completely destroyed one clients moving experience a mere 2.5 days a week in work.
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Transactions are getting slower, the worse speed I have seen in fact, ever. The reasons:
Low fees – Conveyancing fees have not risen in 10 years, and as a consequence, the low level of fees being charged means they pay less and less attention on each file to simply quote with the volumes they have to take on.
The lack of skilled conveyancers – Point 1 could be faster if conveyancing businesses employed actual solicitors, or at least conveyancers with an actual law degree. Instead, they save money and bring in unskilled clerks who they badge as a ‘conveyancer’ and hope they pick up the skills along the way – they don’t.
No motivation – Conveyancers who feel they have no scope for career progression – and who are not paid enough – within their employment are not motivated to be dynamic and conscientious. The bigger picture is not relevant to them.
Problems have to be fixed on a resale – Because poor quality conveyancing is offered the first time around, on a subsequent sale, the deal will take longer, as problems are spotted.
Some estate agents – The ones:
who ‘stir’ and blame a law firm for raising (perfectly valid) enquiries to try and pressure the law firms client to get them to drop them so the deal can go faster and they get paid (terrible I know), when in fact the enquiries are crucial and yet everyone then gets stressed, everyone blaming everyone and they are not answered as quickly while that nonsense is happening
who just ask for updates – “have you sent off your searches?” / “can I have an update?” – rather than “How may I help, is the other lawyer going slow, shall I chase them?”
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One factor we have found quite relevant recently is the conveyancers being promoted by the online listing companies. “Sausage factory” sort of set ups it seems with communications with other conveyancers and agents very difficult if not impossible, many delays and duplication of enquiries, largely caused by passing of the file from person to person. Often seems that the file only gets looked at by a qualified person when everyone virtually at the point of exchange, seemingly almost starting again at that late stage. Have one chain hanging by a thread because of inordinate delays like that at moment, and another sale completed last week with so much extra work involved by everyone else because of the ‘performance’ of one of these outfits it took weeks longer than it could have.
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Very interesting and valid feedback of the impact on quality in a transaction.
Tim is absolutely correct with his point that the less experienced the lawyer the slower the deal. This manifests itself in particular with enquiries- is there REALLY a need to raise the 60 odd enquiries that we see regularly.
There is definitely an element of reaping what you sow when it comes to panel management companies that have been setup purely as referral fee vehicles for estate agents. We remain shocked by agents with years of experience who still make the decision to use a panel manager based on perceived increased referral fees.
Interestingly, those agents that we work with who are genuinely interested in beating cheap fixed-fee providers on service NEVER entertain the idea of using a panel manager as they understand that the impact that low-fee work has on the Conveyancing process.
Must be something in that …
Peter
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The figures are combined sales and purchases. You may want to read the full article on the Search Acumen website to get a more complete picture.
http://search-acumen.co.uk/News/Read?Ref=ala8tW
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read, thanks, nice data.
Stopped short at quantifying how they’re judged in terms of service level however?
Maybe that isn’t your focus, but one day one of these sites may carry proper research using feedback from the public.
There is no data for how many people are doing their own conveyancing either? Whilst I’m certain it is a small number, it would be useful to see the trend if there is one.
The article doesn’t claim to be anything impartial, so I won’t criticise the ‘conveyancers battling through against the odds’ tint.
I will however suggest that for the conveyancers on these sites constantly ******** and moaning about fee reduction. Next time your on a typically less than empathetic call with a member of the public, ask them if they’re working as hard as 10years ago for similar pay?
And, if you even dare, ask the owner of a local EA or moving company.
One suspects the hard done by conveyancer may stop short at that…….
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I currently have 30 sales/purchases sat ready to exchange, but the chain – started at the same time – is not ready. More than I have ever had in one go sat waiting. It is a nightmare when you are sandwiched by a volume outfit (you know who), you just have to tell the client to Google them and to just wait, as they dont care about anyone in the chain, its what ‘computer says’ that counts.
Peter – I always explain to my clients when faced with dozens of enquiries that they are either junior, or their firm has been sued. Experienced lawyers rarely raise many. Firms who even send an email with an attachment called ‘standard enquiries of buyers lawyers’ gives the biggest goran/chuckle.
We have local conveyancers who raise many, and still those who raise pro-forma ones too. Madness, when that puts both them and us (if we participate in the Protocol breach) in breach of CQS.
Sadly changes by ‘those at the table’ will not come, not the right ones anyway, as not all the right people are sat down.
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