Encouraging signs for conveyancers with homebuyer intent on the rise

Research carried out by Legal Bricks shows that there are encouraging signs for conveyancers as homebuyer intent is on the rise.

Property-related searches are on the rise, according to research carried out by Legal Bricks, part of Access Legal, despite predictions that the property market would slump in 2023 due to economic challenges.

The research looked at searches in the UK for key terms, including Rightmove, Zoopla, homes near me and new-build homes near me on Google, comparing data across 2022 with January 2023.

In January, searches for Rightmove increased by 23 per cent compared with November 2022, while Zoopla saw a 49 per cent uptick. Searches from potential property buyers for new build homes, detached homes and semi-detached homes also saw rises in that period of between 20 and 40 per cent.

Search activity was still down overall year-on-year when comparing January 2022 with January 2023. However, activity was cooling following a surge in the market due to the Stamp Duty Land Tax holiday.

The positive signs come despite recent reports that property agents and experts are pessimistic about the outlook for the property market in 2023 and news that average house prices have risen by nearly £3,000 – means the market continues to avoid the predicted slump during 2023.

Google keyword research by Legal Bricks

With the Bank of England raising interest rates multiple times to tackle inflation – with the latest increase only announced in recent weeks – and with the cost-of-living crisis still biting, it was anticipated that property buyers would be put off from making moves until conditions changed. Mike Connelly, founder of Legal Bricks and commercial director at Access Legal, says the search and price rises are a good indication of a resilient housing market:

Connelly continued: 

“Early this year there was a lot of doom and gloom around the property market outlook for 2023.

“Yet when we have been talking with our conveyancing customers, many say activity has recovered to pre-pandemic levels after a lull at the end of 2022.

“Our research into typical property-related searches indicates that people in the UK are looking at their own situations and making their own decisions on their next property move without being led too much by the noise around the market.

“It’s good news for conveyancers who will be hoping spring and beyond is positive for their caseloads.”

Legal Bricks provides a customised online property search platform and a full suite of conveyancing and anti- money laundering products that help to simplify and make transactions smoother for estate agents, conveyancers and home buyers or sellers.

More than 3,800 UK law firms currently benefit from Access Legal solutions. Its client portfolio includes The MAPD Group, Minster Law, Winn Solicitors, Wolferstans and Neves Solicitors LLP. Launched in April 2021,

Access Legal is part of The Access Group, one of the leading providers of business management software to mid-sized UK and Asia Pacific organisations.

For more information on Access Legal solutions, visit here. 

Kindly shared by Access Legal

Main article photo courtesy of Pixabay