A new sector report suggests that a large number of British conveyancing firms are hoping to expand in 2018.
According to the latest research from the Council for Licensed Conveyancers (CLC), more than half (53 per cent) of firms are expecting a substantial increase in work volumes over the next 12 months, which will inevitably require a larger workforce to cope with rising demand.
Meanwhile, a further 10 per cent of firms are hoping to diversify and “branch out” into new or niche areas of work this year, the report shows.
CLC’s research indicates that confidence in the sector is strong – as evidenced by the fact that many conveyancers have also increased their prices and fees in the past year.
The report reveals that 48 per cent of firms increased their prices in 2017, in comparison with only four per cent of firms that decided to reduce their fees.
The average price charged for the purchase of a freehold property was £636, comparable with £592 for the sale of a freehold property.
When handling a leasehold transaction, these prices increased to £747 and £690 for a purchase and sale respectively.
Commenting on the findings, CLC chief executive, Sheila Kumar, said that the report generally “painted a positive picture” of the sector.