New build boom sparks increase in business for conveyancers
Trend is set to continue, with 253,000 new homes given planning approval in 2015
The rise in housebuilding over the last four years has led to a 62 per cent increase in new homes business for conveyancers, research has found.
Between 2011 and 2015, a 15 per cent rise in new dwellings - from 113,380 to 130,660 - was reported. These were completed across England and Wales by private builders, housing associations, and local authorities.
The research from Search Acumen also showed a 29 per cent fall in the number of firms registering property transactions over the same period, from 7,500 in 2011 to less than 5,400 in 2015, has also contributed to the increase in new homes business for conveyancers.
These trends translate to 24 new homes transactions per year being completed by every conveyancing firm, up from 15 four years ago.
In addition, more new homes business is expected; government data shows that 253,000 new homes were given planning approval during 2015, up by 5 per cent from 2014, equivalent to 47 planning approvals for every conveyancing firm.