New data from the Land Registry shows the true strain conveyancers have worked under to get transactions completed in 2021/22.
A record 1.26 million transactions were completed in the last financial year – almost 600,000 more than the year previous – an incredible comeback after sales and purchases almost ground to a halt during lockdown and its social distance restrictions.
A few weeks after the country went into lockdown, stamp duty and land transaction concessions fuelled a surge in demand, with conveyancers working increasingly harder to meet deadlines.
Search Acumen’s data tracker states that Land Registry processed 1.26m completed transactions during the 2021/22 financial year – a significant rise from the 675,377 recorded the previous year.
More firms returned to the market – 4,058 ‘active’ firms in 2021/22, up from 3,483 the previous year. Caseloads have also risen, with the average firm completing more than one transaction a day, compared to a rate of 0.53 per day a decade ago.
Search Acumen director Andy Sommerville said: “The conveyancing market has been turning the wheels at breakneck speed for over a year now, with a meteoric rise in transaction activity over the last financial year following the initial pandemic lull.
“Our analysis suggests firms of all sizes have had to shoulder the burden of record-breaking activity. With legal professionals working at breakneck speeds, we expect the most digitally-enabled firms will be best placed to manage client needs effectively and keep workplace pressures in check.”