With all headlines talking about new housing delivery the other big story in residential property is being overlooked. That is the slowdown in second hand transactions as existing home owners can no longer afford to move on or trade up. Yet more evidence that SDLT reforms and tightening lending criteria are draining liquidity out of the market.
Conveyancing work has fallen to its lowest level since the middle of 2013, and the number of firms actively doing the work has hit a new low, a survey has found. Conveyancing volumes sank by 14% to 210,964 in the second quarter of this year, according to the latest Search Acumen conveyancing market tracker, which uses Land Registry data. Andrew Lloyd, managing director of Search Acumen, said: “The turbulence in the UK’s political system is far from settling as we follow our Brexit path, and it is essential that the property market is safeguarded from continued uncertainty with clear and effective policy decisions. “Last time the market was this quiet for conveyancers, we saw major interventions through Help to Buy to support first-time buyers.