Andy Sommerville, Director of Search Acumen, comments:
“The latest RICS UK Residential Survey results point to overall market trends remaining stagnant, with indicators on demand, supply and prices all falling within negative territory, albeit less so than previously.
“Consumer confidence has been consistently subdued as uncertainty sweeps the UK. As a result, there are few signs of an increase in buyer enquiries in the immediate future, despite wage growth and high employment. Expectations for the longer term are rosier and point to a gradual improvement in activity over the next twelve months.
“The slowdown we have experienced is reflective of a dampening of overall activity seen in the conveyancing market. We found that the total number of active conveyancers in England and Wales has dipped below 4,000 for the first time on record. Further, total conveyancing activity is down 6% annually.
“During the lull in property activity, we encourage property professionals to pause and take stock of the current landscape. High growth companies are developing innovative and efficient tools that are designed to smooth out inefficiencies and transform the transaction process.
“Forward-looking firms are planning on taking advantage of the quiet market to ride the wave of digitalisation.”