The latest figures from Reallymoving reveal an interesting trend in the conveyancing market, in that conveyancing costs have shown something of a robust recovery in Q2 this year.
Conveyancing costs rose by 10.2% in the second quarter of 2024, reaching an average of £2,380.
As you will know, charging structures within the conveyancing sector differ greatly. There has long been an argument that suggests conveyancing fee-charging is too low for the work involved, for the increased responsibilities that now come with conveyancing, for the risks firms are taking, and for the resources they require.
This is worth noting, as while the current average costs are higher than the stamp duty holiday peak of £2,368, when adjusted for inflation, conveyancers are actually earning 8% less.
We will perhaps leave those arguments for another day. However, even with these slight increases, there remains a strong opportunity for mortgage advisers, not least in guiding clients through the conveyancing process more efficiently and perhaps cost-effectively.
By leveraging platforms like ours, advisers can source from multiple conveyancing firms, ensuring that clients receive the best possible service at competitive prices.
This ability to compare and contrast various firms not only helps keep costs down, but also ensures that clients benefit from high-quality service tailored to their specific needs.
The income opportunities
One of the other obvious and significant advantages for advisers in this scenario is the potential for income generation.
Conveyancing services allow advisers to add value to their clients’ home buying journey while also increasing their revenue streams, by being able to add a fee for their advice services.
Many clients are often unaware of the intricacies involved in selecting the right conveyancing firm, opting to go for a family firm ill-equipped or ill-resourced to handle these cases, or overly expensive for the service offered, or lacking the specialist skills now required.
Or all of the above and then some.
They may not fully understand the associated costs, or which firm might best handle their particular transaction, especially if the case involves complex or specialist properties. Here, advisers can step in as trusted experts, guiding clients to make informed decisions.
The ability to offer comprehensive conveyancing advice places advisers in a pivotal position. Clients appreciate the convenience of receiving all necessary services under one roof, and advisers can build stronger, more trusting relationships by meeting these needs.
The tools accessible to advisers
Additionally, the utilisation of a conveyancing platform simplifies the process of matching clients with the right conveyancers, based on factors such as cost, service quality, and specific expertise required for more intricate transactions.
Furthermore, the current market conditions underscore the importance of efficiency and timeliness in conveyancing. With costs having increased – albeit by a slim amount – but still not reaching the peaks of the post-pandemic period, there is a window for advisers to secure more cost-effective deals for their clients.
This not only enhances client satisfaction, but also increases the likelihood of transactions being completed within the desired time frames. Efficient conveyancing processes can reduce the stress and uncertainty often associated with property transactions, thereby improving the overall client experience.
By offering conveyancing advice, and other property-related services, advisers can position themselves as essential partners in the home buying process.
The potential for income generation, combined with the ability to provide tailored advice and support, makes this a valuable area for advisers to focus on.
