Search Acumen has reported a modest increase in property transaction volumes for the 2024/25 financial year, with 992,024 residential and commercial completions recorded—up 3.5% from the previous year.
Despite the year-on-year growth, transaction levels remain 22.2% lower than two years ago, with figures still falling short of the post-pandemic market peak.
The number of active property law firms handling transactions has continued to decline, down 3.9% over the financial year and 6.7% in Q1 2025 compared to Q1 2024.
In contrast, average caseloads per firm rose by 7.8% year-on-year to 267, although this figure is still 15.1% below levels seen two years ago.
The first quarter of 2025 saw caseloads rise 8.4% compared to the same period in 2024.
Andrew Lloyd, managing director at Search Acumen, said: “It’s been almost a year since the current Government came into power, but we are yet to feel the impact of its ambitions for the UK’s property sector.
We know there’s strong demand and a healthy appetite for investment across the real estate ecosystem, opening up exciting opportunities.”
Lloyd noted positive trends in commercial property and growing interest in social housing portfolios, bolstered by the Government’s recent £39bn investment pledge.
However, he cautioned that current transaction volumes remain below expectations and warned of the risk that market confidence could falter due to global economic instability.
“In the face of these challenges, the remainder of the year will be pivotal,” he added. “Real estate lawyers will be under pressure to keep up the pace as they navigate a rapidly evolving landscape driven by considerable market consolidation.
“Law firms hoping to maintain the speed and quality of their work for clients can no longer afford to be behind on these developments.”
Search Acumen’s analysis also points to long-term trends, showing that Q1 2025 transaction volumes are just 5.2% higher than a decade ago, while the number of active law firms has fallen 13.2%.
In contrast, average caseloads are up 21.2% compared to Q1 2015, reflecting the increased demands placed on a smaller number of legal practices.
