Services within the UK property and sector keep evolving, as business demands and customer expectations increase. This means that organizations must position themselves to be more agile to continue to drive profit to the business and value to their customers.
The conveyancing sector is dominated by local law firms and the market is becoming a commoditised market.
Web-based technology allows property buyers and sellers to shop around for conveyancers, making the UK residential property and conveyancing market more competitive and, consequently, shrinking margins and fees. Price comparison sites in the legal sector drives customers to a retail customer journey pattern, resulting in driving the market to consolidate and treating any professional services as a national business.
The market is also seeing a steep increase in demand for seamless connectivity with enterprise data sources – connecting all different systems with one easy-to-use interface to make staff more productive and happier in their roles, in order to retain them and minimise on internal costs. Residential sales account for 90% of all property transactions in the UK and the process is quite box-standard, whereas commercial property transactions are high in value terms and tend to be more complex, requiring much more legal work to complete. Making staff’s life easier on both volume and value work is key. With 17.8k individuals active in the residential conveyancing and over 23k working in the commercial property sector, opportunities for people to move around instead of being vocal about issues are ample and, therefore, loyalty to a business is not a given anymore.
Regulatory changes also played a large part in the shake-up of the conveyancing industry, with Government support packages like Help to Buy and stamp duty changes negatively impacting on the buy-to-let residential market, alongside the Brexit vote income squeeze scare.