Recent data from Search Acumen’s conveyancing market tracker reveals a notable downturn in caseloads for property law firms compared to the market’s peak two years ago. Over the past year, there has been a 25% decrease in cases, reflecting a corresponding 21% decline in monthly property transactions.
In the third quarter of 2023, the average firm handled 62 cases, marking a 25% drop from the previous year and a significant 41% decrease from the peak observed in Q1 2022. September 2023 recorded the lowest number of property market transactions in almost three years, indicating a considerable slowdown in market activity.
While these figures highlight a downturn in caseloads, they also suggest a return to more typical levels of market activity, with 62 cases per quarter aligning closely with pre-pandemic figures. However, this slowdown has led to a reduction in the total number of active firms, dropping below 3,900 for the first time outside of pandemic conditions in August 2023. This trend reflects a landscape characterized by mergers and acquisitions, contributing to the dominance of larger firms, particularly within the top 500, which now command a significant share of the market.
Source: Property lawyers handling 40% fewer cases as market reverts to mean | Law Gazette
