Conveyancing costs show strong recovery in Q2 – Reallymoving

Reallymoving has published its latest Conveyancving Price Index for Q2, showing conveyancing costs making a strong recovery.

Key points from publication:

- Average UK conveyancing costs increased by 10.2% between Q1 and Q2 2024
- Home movers (buying and selling) are now paying a total of £2,380 including disbursements
- Compared to Q2 2024, overall conveyancing costs are now 8.9% higher
- Conveyancers are still earning 8% less than at the peak of the SDLT holiday when adjusted for inflation

Period	Purchase Fees	Purchase Disbursements & Expenses	Sale Fees	Sale Disbursements & Expenses	Total	Quarterly Change	Annual Change
2023 Q2	£1,015	£371	£769	£31	£2,185	2.9%	-4.5%
2023 Q3	£1,076	£390	£753	£29	£2,248	2.9%	-5.1%
2023 Q4	£902	£399	£718	£34	£2,055	-8.6%	-8.8%
2024 Q1	£950	£398	£764	£48	£2,159	5.1%	1.7%
2024 Q2	£1,114	£360	£863	£41	£2,380	10.2%	8.9%

The cost of conveyancing rose by 10.2% in the second quarter of this year compared to Q1, according to analysis of approximately 34,000 conveyancing quote forms on home mover comparison site reallymoving.

Published quarterly, the Conveyancing Costs Index keeps the industry informed of average prices being paid for legal services by home movers across the country and how they are changing over time. The costs published include expenses and disbursements, for combined sale and purchase. With historical data going back to 2018, the latest figures are also updated monthly on reallymoving’s live Conveyancing Price Index web page.

Conveyancing prices have struggled to recover from the highs of the pandemic Stamp Duty holiday, and although they have now exceeded the Q3 2022 peak of £2,368, they remain 8% lower when adjusted for inflation.

Regional conveyancing costs

During the second quarter of this year, the cost of conveyancing has increased in every region of the UK apart from Scotland, which saw a 0.7% quarterly fall. Price growth was strong across the board, with the largest increases in the North West (+17.1%), Northern Ireland (+13.9%) and London (+13%).

Rob Houghton, co-founder and CEO of reallymoving, said:

“The past four years have brought significant challenges to the conveyancing sector with high demand volatility, and the sector has struggled to return to the price levels of the pandemic stamp duty holiday.

“There has been strong price growth in the last quarter, and this trajectory needs to continue before conveyancers see growth in real terms, when adjusted for inflation.

“Transaction volumes have been recovering steadily but Land Registry data shows they remain 10% below pre-Covid averages, and mortgage approvals are still 16% down.

“We expect this gap to close as mortgage rates fall.”

Kindly shared by reallymoving