Conveyancing transactions fell 16% in the first quarter of this year compared with the same period last year.

According to a search firm, Search Acumen, transactions in the first quarter were also down 14% on the last three months of last year.

And even though there were fewer conveyancing firms – down 4% annually to 4,177 – transaction levels fell per conveyancing business.

Conveyancing firms recorded an average 57 transactions during the first quarter, compared with 58 a year earlier and 67 in the final quarter of 2014.

Search Acument’s research suggests that the bigger conveyancing firms felt the greatest impact of the Q1 slowdown.

The top five conveyancing firms by amount of business done were hit most, says Search Acumen. It estimates that they lost 2% market share.

Their average of 3,021 transactions in the first quarter of the year was 36% down from the last quarter of last year, and 26% down on the first quarter of 2014.

Nevertheless, this still left the typical top five firm handling 62% more transactions than two years ago.

Mark Riddick, chairman of Search Acumen, said: “The fact that larger conveyancing firms have been impacted most by the slow start to 2015 is a clear sign that no one is immune to competitive pressures in a temperamental housing market.

“A drop in transactions during Q1 was perhaps an inevitable result of stricter lending criteria and pre-election uncertainty.”

He called for the Government to address the lack of housing supply, saying: “There is still a real need for major supply policies to create more movement in the property market.”