The latest research has found that the cost of conveyancing has stayed at the same level, despite increases in property prices.
This research was by Lyons Bowe and it shows stability in conveyancing costs. The cost associated with purchasing freehold properties rose from £1,383 during April last year to £1,439 for the same month this year. Meanwhile, the average price of a home in the UK rose year-on-year by almost £10,000. Property market observers might therefore have been expecting conveyancing costs to rise too, but that is not the case.
Lyons Bowe looked at average fees for conveyancing work in all regions, when it comes to freehold property purchases. The cost of hiring conveyancing solicitors in North Wales and other parts of the country made up 0.53% of the total property value. This is the same figure as for the year before.
The company analysed year-on-year shifts in both the value of properties and the fees for conveyancing. This enabled it to establish if the latter had changed at all in relation to the former.
For most regions, there was little or no change. The only place where costs for conveyancing rose more rapidly than property values was Scotland.
Speaking to Mortgage Strategy, Paul Lyons from Lyons Bowe said:
“Our analysis shows that conveyancing continues to be one of the most stable and predictable costs involved in purchasing a property, accounting for little more than half of one percent of the average house price.”
If you want a quote for conveyancing in North Wales, contact Bennett Smith Solicitors now.
