The average cost of conveyancing for both parties per transaction has shot up to £2,380 – a rise of 10.2% over the last three months.

Prices have increased in every region with the highest prices in London at an average of £2,771, says Reallymoving.com

The Stamp Duty holiday during covid resulted in surging demand and conveyancing costs which rose by as much as 21%. Prices then dipped but began rising again at the start of this year. They have now surpassed their 2022 peak of £2,368 and look set to continue their upward trajectory.

Unwelcome

As we reported in the Neg last month, the cost of moving was already forcing buyers to scrimp more than ever in order to be able to afford to move home and so agents are unlikely to welcome any more increases.

Rob Houghton from Reallymoving says: “The past four years have brought significant challenges to the conveyancing sector with high demand volatility, and the sector has struggled to return to the price levels of the pandemic Stamp Duty holiday.

“There has been strong price growth in the last quarter, and this trajectory needs to continue before conveyancers see growth in real terms, when adjusted for inflation.

“Transaction volumes have been recovering steadily but Land Registry data shows they remain 10% below pre-Covid averages, and mortgage approvals are still 16% down. We expect this gap to close as mortgage rates fall.”