New data released by Ochresoft – the legal workflow software specialist for property and private client lawyers – assesses the shifting ratio between the number of new residential property instructions versus the number of completions and now highlights the challenging ‘rollercoaster’ conditions facing conveyancers and property lawyers during 2021.
This data compares instruction volumes versus completions, which allows Ochresoft to report the level of pressure on the conveyancing industry by showing the relationship between incoming and outgoing workloads. The higher the percentage, the more stable the market. In March, this figure was 82% as conveyancing professionals worked hard to meet the first Stamp Duty holiday deadline, however the ratio for April was down to 57%.
These figures show a build-up of work-in-progress activity for conveyancing professionals who are committed to progressing the influx of transactions that the market has been seeing. This build-up can imply a risk of completion delays, which can lead to buyers and sellers translating their nervousness into pressure upon the conveyancers.
Ochresoft’s Managing Director, Rob Gurney, said: “The end of 2020 started with the ratio being at 97% and since then we have seen the figures decrease, increase and decrease once again. Following the March completion stampede – where completions were 66% higher than in March 2019 according to Landmark’s latest Property Trends report* – the figures have dropped as firms have had to adapt and resource accordingly. I believe that June will show a big up-turn once again before the Stamp Duty tapering comes into force.
“What is clear is that 2021 is truly a rollercoaster for our conveyancing colleagues, and not a particularly enjoyable one based on the feedback we have been hearing.”
For more information on Ochresoft and its Intelliworks workflow and case management technology, telephone 03300 366700 or visit www.ochresoft.com.