The news in 60 seconds
The Council for Licensed Conveyancers (CLC) has recommended firms should stress test their businesses for resilience against a significant fall in work volumes. According to the CLC, the 2007-08 recession saw a more than 40 per cent drop in conveyancing transactions year on year. Turnover of CLC-regulated firms fell by 27 per cent before largely recovering the following year. The total turnover of CLC-regulated firms in 2009/10 was £85m; by 2020 it was £277m. The year to April 2021 saw a further 26 per cent growth in turnover to £349m.