Editor's note: This brief was summarised by The Property AI Newsroom from a report by PropertyWire. Read the original article for full details.
Estate Agents Remain Leading Source of Conveyancing Referrals
Estate agent recommendations account for nearly a third of conveyancing instructions, according to research from Lyons Bowe Solicitors. The survey found that 32% of property buyers appointed a conveyancer recommended by their estate agent, making estate agents the single largest source of new business for legal firms handling property transactions.
The research also revealed that 25% of buyers relied on recommendations from friends and family, while 19% found their conveyancer through an online search. Among buyers who considered multiple firms before making a decision, 38% said a referral or recommendation was the primary influence on their choice. In comparison, 20% cited price as the main factor, and 11% pointed to online reviews.
These findings come as conveyancing firms face increased competition for instructions in a softer housing market. The shift in market conditions follows recent calls from MPs for stamp duty reform, which could impact transaction volumes.
Paul Lyons, managing director of Lyons Bowe Solicitors, noted the importance of referrals from estate agents, especially in a subdued market where firms are competing harder for every instruction. He emphasised that conveyancers need to invest time in building relationships with local agents, as estate agents prefer to recommend firms they trust to deliver reliable service.
The research highlights the continuing importance of traditional referral networks in the property transaction process, even as digital marketing and online reviews grow in prominence. The data suggests that personal recommendations, particularly from estate agents involved in the transaction, carry more weight with buyers than price comparisons or internet searches.
The conveyancing sector has seen consolidation in recent years, with firms seeking scale advantages. This trend has also affected the wider property industry, as evidenced by recent agency mergers and acquisitions.
Source: PropertyWire