An apparent shortage of conveyancers is putting a hold on the housing market, according to a respected market leader.
The Royal Institution of Chartered Surveyors Residential Market Survey for August reports that since the beginning of 2015, transaction times have extended by up to a month. One cause of this is due to strengthened lending rules which were recommended by the April edition of the Mortgage Market Review. These recommendations urged lenders to invest more time checking applications, but other reasons transaction times have lengthened are a result of shortages of conveyancers and other skilled staff.
The Gazette has reported, during the conveyancing deprivation which struck between 2008 and 2012, law firm’s discarded entire teams of staff, which led to many experienced conveyancers retraining or leaving the profession.
Chief economist at RICS, Simon Rubinsohn commented that “At a national level, the sales and demand picture was mixed. In London, the south-west and west Midlands, there was a significant dip in new-buyer interest, but Scotland and Northern Ireland were noticeable exceptions, where buyer enquiries remain firm, with a net balance of 43% and 52% respectively. While a lack of supply remains a challenge for the market across the whole of the country, there are at last some signs in the capital, where this problem has been most chronic, that instructions are now picking up.”
Conveyancers across the country will now have the aim of addressing this issue of increasing demand for qualified conveyancers as the housing market improves