Search Acumen comments on HMRC’s Monthly Property Transactions for January

Andy Sommerville, Director of Search Acumen, comments on the publication of HMRC’s Monthly Property Transactions for January.

“The start of the year saw a slight uplift in the property market as the backlog of transactions that were put on hold at the end of 2019 start to be unleashed given the improved political climate at the very end of last year.

“Our own research into the conveyancing market revealed that quarterly transactions were down by 8% year-on-year in Q4 2019 to the lowest level since Q2 20170.

“As the market picks up, we need to look at one of the chief impediments to the transaction process, namely, the length and complexity of the conveyancing process. Smart solutions and better use of data can help. With the right technology, property lawyers can process more orders faster and with greater accuracy. We can’t just hope for better days. We need to capitalise on the technology available now and shake up the sector.”

Kindly shared by Search Acumen