Conveyancers report rise in instructions amid market confusion

The property market is set to warm up as conveyancers report an upturn in new business, according to new research.

The results from conveyancing search provider SearchFlow's latest practitioner sentiment survey shows that 66 per cent of solicitors have seen conveyancing work volumes increase in 2015, compared with 52 per cent at the end of 2014.

The survey pooled the views of 128 conveyancers across England and Wales between January and May 2015 and findings revealed positivity in market forecasts. Looking forward to the end of 2015, 44 per cent of those surveyed believe that the market will improve.

The news comes after a separate survey from SearchFlow, conducted in January 2015, found that less than a third of respondents saw work volumes increase by more than 10 per cent, down from 43 per cent reported in the preceding quarter.

One of the reasons behind the shift in market confidence is thought to be the reforms to stamp duty taxes, with five times as many conveyancers citing the changes as having a positive market impact rather than a negative one.

Latest figures released by the Bank of England earlier this month suggest that the number of homebuyer mortgages approved by high street banks has seen the biggest rise since 2009, further indicating that housing market stability is increasing again.

John Pickford, managing director at SearchFlow, commented: 'In recent years we've seen many ups and downs in the market. Early last year activity in the market was booming. And while we saw that start to level out late 2014, market confidence has shifted again.'

Meanwhile, the Office for National Statistics has reported that house price growth across the UK slowed at the fastest pace for nine years in April, down from 9.6 per cent in March to 5.5 per cent.

'We're seeing a number of reports in the media which suggest a slowing in the market, however, solicitors are painting a different picture. They're telling us that work is up and optimism is high,' said Pickford

The SearchFlow MD added that, with the market on the up, solicitors need to ensure they maintain excellence in customer service while managing increasing workloads.

'With 63 per cent of solicitors seeing the biggest volume of growth through direct business, it's imperative that they set themselves apart from the competition by offering a service which can be relied on,' he said. 'This is one of the most effective ways of winning and retaining business, and taking advantage of the improving market.'