A new study shows the fees for conveyancing have not risen to a degree that reflects overall inflation in the UK.
This study was carried out by reallymoving and it compares conveyancing fees with overall inflation during the second quarter. The consumer price index (CPI) inflation rate for that quarter was 2.6%, but year-on-year conveyancing costs rose by just 0.1%. Meanwhile, the average sum that people pay for conveyancing fell by 0.1% in comparison with the beginning of the year. That average sum for the second quarter was £2,438, which includes things like VAT.
It constitutes good news for people who are looking to buy a home. The fact the average cost of hiring conveyancing solicitors in North Wales has not risen sharply is welcome, at a time when many other costs are spiralling upwards.
To arrive at its figures, reallymoving secured over 82,000 quotes for conveyancing from different sources. They clearly establish a trend of fees remaining stable in comparison with the second quarter of last year. When looked at from a regional perspective, seven areas out of 12 saw conveyancing costs drop.
Rob Houghton is the reallymoving CEO. Speaking to The Intermediary, he said:
“Prices have barely moved over the past 12 months and once inflation is taken into account, home movers are paying considerably less in real terms for conveyancing services compared to the pandemic period.”
If you need help with conveyancing in North Wales, we respond rapidly to all customer enquiries. Get in touch with Bennett Smith Solicitors now to start the ball rolling.
