Compare My Move publishes its Conveyancing Index for Q2

Compare My Move publishes its latest quarterly Conveyancing Index for Q2, which looks at the cost and popularity of conveyancing.

Compare My Move has put together a quarterly index on the cost and popularity of conveyancing for Q2 of 2024.

This data considers the average cost of both buying and selling conveyancers, as well as the number of enquiries that Compare My Move has seen for their conveyancing partners. 

The average cost of conveyancing in Q2 when buying or selling a house was £1,383.66.

The average cost of conveyancing has risen 4.5% in the first half of 2024, now averaging £1,383.66. This means that people both buying or selling their house are paying £21.50 more for their conveyancing than they would be at the start of 2024. 

The average cost of conveyancing when purchasing a house was more than double that of the average cost of selling a house, rising by 8.6%. Although significantly cheaper, the average cost of conveyancing when selling a house rose by almost 10% between Q1 and Q2 of 2024. 

The average house price in the UK has risen by 2.9% between Q1 and Q2 of 2024, this rise will have a significant effect on the cost of conveyancing as the more expensive the property that you are buying or selling, the more expensive the conveyancing process is going to be. 

When it comes to the conveyancing enquiries we are also seeing an increase. Below is the percentage increase in conveyancing enquiries between Q1 and Q2 of 2024. 

As the year has progressed, more people are looking for conveyancing solicitors, with an overall increase of 1.5% in conveyancing enquiries between the first and second quarters of 2024. People enquiring for Sale conveyancers has increased by 9.2%, while enquiries for Purchase conveyancers have only risen by 1.7%.

Dave Sayce, MD and founder of Compare My Move, said:

“The consistent rise in house prices is having a positive effect on the conveyancing industry.

“The property market is now healing from the rising mortgage rates and falling house prices we saw in 2023, with the base rate static at 5.25 and threatening to drop with inflation now at its target of 2%. 

“With a new government, the housing industry is eager to see what comes next, but it’s unlikely there will be much change in the progress the housing market is making – house prices should still rise throughout Q3 and towards the end of the year and therefore so will conveyancing costs.

“However, I do suspect we will see a rise in the amount of people selling in the next few months.”

Kindly shared by Compare My Move