Conveyancers welcome revenue boost
20 June, 2017
Conveyancers have enjoyed a significant boost in revenue in recent years, thanks to a highly competitive mortgage market, an increase in the number of first-time buyers getting on the property ladder and the willingness of buyers to pay more in conveyancing fees.
According to new research carried out by Post Office Money, the average cost of conveyancing has risen by more than a third (37 per cent) over the past ten years – and the average homebuyer (or mover) now expects to pay almost £9,500 to move house.
Conveyancing fees have risen from £1,138 in 2006 to sit at £1,558 in 2016 – but the cost of conveyancing appears to be low on the average homebuyers’ list of concerns, the report appears to suggest.
Post Office Money’s report reveals that the biggest jump in home-moving costs over the past ten years has been in surveyor fees – which have swollen by more than 53 per cent since 2006.
Meanwhile, recent reforms to Stamp Duty Land Tax (SDLT) see buy-to-let investment buyers hit with hefty ‘second home’ surcharges – while those purchasing properties at the top end of the market can now also expect to pay much higher rates than they would have done ten years ago.
According to Post Office Money, the average cost of moving house chimed in at around £9,472 last year – but is expected to hit £12,257 by 2020.
For more information about the tax and financial services Watson Buckle can provide to clients in the legal sector, including conveyancers, please contact us.