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In July 2024, OneSearch’s parent company, Landmark Information Group, interviewed 100 residential property solicitors and conveyancers in England, Scotland, and Wales.
Together, we asked about artificial intelligence, digital transformation, legislative changes, upfront information, and much more.
The responses shaped our new Market Research Report – ‘Residential Conveyancing: Looking ahead to 2025’ – which covers their challenges, concerns, priorities, and predictions for the coming year.
Our parent company Landmark’s latest Residential Property Trends Report for Q3 2024 is now available. This thorough analysis explores the property transaction landscape in England, Scotland and Wales, offering valuable insights into key market dynamics, including listings, SSTC/SSTM, searches ordered and completions.
A mixed picture of cautious optimism
The residential market in Q3 2024 reveals a mixed landscape, showing a 6% increase in listings compared to Q3 2019 in England and Wales. However, this positive trend is overshadowed with completion volumes 42% lower in Q3 ‘24 vs Q3 ‘19, indicating continued challenges of progressing demand within the market.
Ongoing external economic and political turbulence is still causing affordability constraints and buyer caution, as home-movers pause ahead of the Budget in the hope of more favourable interest rates. Many buyers are taking a wait-and-see approach, but there could be signs of potential recovery in Q4, especially if political and economic factors continue to stabilise.
Ongoing inefficiencies in home buying and selling also hinder the process, with Scotland – which has a more streamlined transaction process – showing healthier completions than England and Wales. While both markets saw a 6% increase in listings, Scotland experienced only a 13% drop in completion rates since 2019, compared to a 42% drop in England and Wales.
Other key findings from Q3 ‘24 include:
In England, Wales and Scotland, listing volumes were up 6% in Q3 ‘24 vs Q3 ‘19.
In England, SSTC volumes in Q3 ‘24 were down 37% when compared to Q3 ‘19 volumes. In Scotland, SSTM levels were down 23% in Q3 ‘24 vs Q3 ‘19.
In England and Wales, completions have fallen 42% vs Q3 2019. In Scotland, completions were down just 13% vs Q3 2019.
Download the report to discover the latest trends impacting the residential sector in Q3 2024.
Climate change is no longer a ‘next generation’ threat; it’s on our doorstep impacting many different aspects of our lives, not least within the property sector.
Buildings are a major contributor to greenhouse gas emissions, and the effects of climate change are posing considerable risks to property values and future habitability. It is now undeniable that our sector needs to adapt.
“The property sector is a big part of the problem, as today, 40% of greenhouse gas emissions come from our buildings. If left unchecked, this is set to double by 2050.”
– Chris Loaring, Group Sustainability Director, Landmark Information Group
To understand how the property industry is starting to adapt, Landmark conducted comprehensive market research of 150 senior level employees working in estate agency, residential conveyancing, and mortgage lending across England, Scotland and Wales. Our findings have helped us gauge the growing commitment towards sustainability, and how we can help support and nurture this further.
Climate change is no longer a distant threat. A significant majority of property professionals (72%) recognise the urgent need to address its impacts. This growing awareness is driving a shift towards sustainable practices within the industry.
Client awareness
Property professionals said that clients are increasingly concerned about the potential effects of climate change on their property purchases. Flooding (60%), energy efficiency (58%), and local planning (56%) are among the top priorities for homebuyers. As climate risks become more apparent, these concerns are influencing decision-making processes.
Shifting practices
The property industry is adapting to the changing climate, and more professionals are actively advising clients. For example, mortgage lenders are, on average, advising 48% of their clients on potential climate change risks to their property, a similar number can also be seen from estate agents (49%).
Room for improvement
While the industry is making progress, there is still room for improvement. Less than 60% of conveyancing firms are currently on track to meet carbon emission targets. This highlights the need for continued efforts to reduce the industry’s environmental impact.
Encouragingly, more businesses have created net zero strategies (76%, up from 52% in 2023). Conveyancers have made significant progress, with 48% having published their own strategies. This is a demonstrable sign at just how much positive momentum towards solutions the industry is taking when it comes to the fight against climate change.
The Exeter Property Circle Annual Summer Party took place on 13th June, and OneSearch were in attendance to meet, greet, and pass round the canapés!
After the event, OneSearch’s James Shepherd said: “The sunshine may not have come out to play for the Exeter Property Circle Summer networking last night, but, at least everyone else did! Was an absolute pleasure for OneSearch to sponsor such a fun event at the lovely Southernhay House Hotel. Great to meet some new faces across the region as well 🍾🥂⛈”
Tired of spending hours on Anti-Money Laundering checks?
We’ve all been there. But what if you could streamline the process and get it done in minutes?
In the following video, we’re introducing you to OneSearch AML, your one-stop shop for fast and efficient Anti-Money Laundering checks. We’ll take you step-by-step through the process of adding OneSearch AML to your conveyancing order, and show you exactly what your client will experience during verification.
See how it works in the video below:
Get ready to say goodbye to lengthy AML processes and hello to a smoother conveyancing experience!
We are delighted to launch our new innovative AML check designed to enhance the way property professionals manage compliance and transactional due diligence.
OneSearch AML harnesses market-leading technology and offers conveyancers an up to date Know Your Client checker in the fight against fraud in the sector, all whilst ensuring adherence to recently updated industry standards and guidelines.
Ongoing monitoring New digital advancements have meant that previous methods of identity verification within the legal setting such as manually checking documents, face-to-face meetings, and waiting for postal deliveries for documents have become outdated. Now, with biometric scanning, NFC technology, secure encryption, and cloud-based storage, ID checks are a far more safe, accurate, and effortless part of the conveyancing process.
Furthermore, OneSearch AML offers ongoing monitoring checks, which provides post-sale examinations of any changes, developments, or updates to customers profiles over a 12-month period.
Robin Wells, Head of Sales Operations at OneSearch added: “The launch of OneSearch AML underlines our ongoing commitment to empowering conveyancers in navigating their day-to-day workflow, and in this case, support for any complexities that run alongside AML due diligence. “For us, we know and understand the complexities of KYC regulations of our clients – assessing risks, identifying suspicious activities, and especially ongoing monitoring are all imperative to our customers and to the industry as a whole. OneSearch AML solution delivers quick, secure, and accurate cover across all these areas.”
Challenges in Anti-Money Laundering Compliance The launch aligns with insights from the SRA’s Anti-Money Laundering annual report, revealed in October 2023, which highlighted certain areas needing attention within law firms. Among the observations, it was noted that a portion of reviewed firms, specifically 66 out of 224, require additional support to fully comply with anti-money laundering regulations. Unfortunately, the legal sector often faces challenges regarding money laundering, contributing to a broader concern around the flow of approximately £100 billion in illicit funds through UK businesses and financial institutions each year.
Elizabeth Jarvis, Managing Director at OneSearch said: “The message from the SRA annual report was clear. All legal firms need to ensure they are committing time and resources to counteract modern money laundering attempts, and we offer our strongest support with OneSearch AML. “The service has been created to be the single, comprehensive solution for our customers, easing any worry or burden they may have over how best to comply with all relevant standards and guidelines.”
