Property Solvers’ latest survey of 100 conveyancing firms shows a 6.88% increase in average fees for house purchases, now at £1,265.65.
The annual research also observed smaller increases in leasehold property transactions, with sales and purchases fees growing by 3.72% and 3.82% respectively.
For freehold properties, the average conveyancing fees early in 2024 stood at £1,187.98 for sales and £1,265.65 for purchases, marking increases from the previous year.
Remortgaging costs also went up by 7.68%, with the average fee at £692.92 for a £225,000 loan.
Ruban Selvanayagam from Property Solvers said: “Continued inflationary pressures on wages and other overheads involved in running conveyancing practices continue to drive fees upwards – albeit at a slower pace than in recent years.”
“We were coming across quotes going well into the £2,000s for freehold sales/purchases and nearly reaching £3,000 for leasehold property purchases – often reflective of the firms’ well-established reputation and their ability to process transactions quicker,” he continues.
“However, we continue to discourage sellers and buyers from using conveyancers with pricing that appears to be unusually inexpensive. Whilst more conveyancers are embracing AI and other streamlined process, you’ll often find that the “low fee” firms tend to be overloaded with cases – resulting in an inferior quality of service,” he concludes.
