Conveyancing bills are climbing fast across the UK. New data and insights from Moverly, whose latest peek at the numbers shows an 18% jump in costs over the past year.
Homebuyers are now forking out £1,375 on average for a freehold property.
For leaseholds, it’s even steeper at £1,746. This works out to a 13% rise for freeholds and 13.3% for leaseholds.
Gemma Young, Moverly’s CEO, isn’t surprised.
“With conveyancing costs rising so steeply over the past year, it’s clear that both homebuyers and conveyancing professionals are facing increasing pressures,” she told us.
The North East tops the charts for freehold hikes.
There, costs have shot up 18% to £1,311.
Next in line are the East of England with 14%, the South East at 13%, Yorkshire & Humber at 12.7%, and the North East again at 11.7%.
For leaseholds, Scotland’s feeling the pinch most.
A 16.4% rise there has pushed the average to £1,193.
The South East follows at 13.9%, then the North West at 13.1%, London at 12.4%, and South East again at 12.2%.
Young reckons it’s a messy business.
“The property transaction journey involves complex processes that have evolved over many years, and addressing these challenges requires industry-wide collaboration,” she said.
Market pressures are dragging out deals, she warns.
“As market pressures increase, we’re seeing how these forces affect transaction timelines and ultimately impact costs for homebuyers,” Young added.
She sees a fix on the horizon, though.
“The industry is now coming together around two complementary approaches: the introduction of upfront Material Information and the advancement of Digital Sale Ready standards,” she explained.
Get the paperwork sorted early, and it’s smoother sailing.
“When properties meet these standards, all vital property and legal documentation is collected, verified, and digitally accessible from the beginning,” Young noted.
“This creates more efficient transactions – benefiting conveyancers, agents, and homebuyers alike.”
For London buyers, it’s a heads-up.
“By improving both compliance information and legal readiness from the start of the process, we can collectively reduce duplication, save time for conveyancing professionals, and potentially reduce costs for consumers,” she wrapped up.
Costs are up, but smarter ways might just keep your wallet from weeping.