Local conveyancers continue to dominate property market, study suggests20/01/2020
Four in five homebuyers will use a local conveyancing agent to complete a property transaction, new research has revealed.
The study, published by data analysts IRN Research, shows that consumers value knowledge of the local area above conveyancers who offer the lowest prices.
According to the 2019 Residential Consumer Research Report, online services are most popular with the younger millennial demographic. In total, one in three homebuyers between the age of 18 and 24-years-old will instruct a national online provider to complete their property purchase.
Unsurprisingly, online agents are least popular with over-55s, with nine in 10 older homebuyers instead relying on local or recommended solicitors.
The report also shows that the vast majority of consumers – around 55 per cent – prefer to shop around and choose solicitors based on experience, qualifications and price.
The latter is particularly important among homebuyers, with 90 per cent opting for a conveyancer who can offer a fixed quote. After digging deeper, however, it was found that nearly six in 10 homebuyers paid more than the fixed fee quote after running into complications in the conveyancing process.
IRN Research concluded that online conveyancers have yet to claim a “significant market share”, despite the vast majority of property searches taking place online.
“There are mixed messages from the survey regarding online conveyancing services,” the authors added.
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