One in three conveyancers plan to quit within five years
Research from tmgroup reveals a third of conveyancers are planning to quit the sector in the next five years with many looking to go sooner.
Washed-up conveyancers will cause havoc in the housing markets after research from TM Group revealed one in three are planning to quit in the next five years and many planning to do so sooner.
The startling survey results are featured in a soon to be released report, Back to the Future, from the property search company which also reveals other “disturbing truths”.
EXASPERATED
The report findings will show property professionals are feeling exasperated with an “underlying sense of despondency that runs much deeper”.
Discontent over pay is also rising faster than ever but so are demands for a better work and life balance.
There are also calls for a greater focus on employee wellbeing, more respect between the professions, automation of basic tasks and a general improvement to the management of the property transaction.
If this survey was a school report, firms would be dreading taking it home.”
Joe Pepper, Chief Executive of TM Group, says: “Firms are going to have to make some hard decisions based on a long-term vision for their business.
“If this survey was a school report, firms would be dreading taking it home. Because there’s a strong sense that the industry is underperforming on pay and conditions – and many respondents have had just about enough.”
My first reaction was only one in three?”
Martin Stewart, Director of broker London Money, says: “My first reaction was only one in three?
“The whole property sector is in for a huge existential crisis in the years ahead, paying the price for its continual obsession with fragmentation and the overall attitude of ‘we’ve always done it this way’.
MARGINS
“The margins will become thinner as costs increase and turnover falls.
“Throw in the fact that many parts of the job are a thankless task then yes I can see why many conveyancers will put personal happiness before a miserly pay check.
“The future has yet to arrive for the housing market and until it does things will get worse before they get better.”
TM Group’s third annual survey took detailed soundings from 850 property professionals across the UK between October and November 2022.
You can register to receive a copy of report ‘Back to the Future’ when it goes live HERE.
