Property Solicitors enjoyed a thriving business at the height of the property boom during the beginning of the 21st century and towards the end of its first decade. This thriving period ended in the property crash which started in 2008. Property solicitors would be the first to identify that the property market has not recovered to its busiest and it is debatable whether the market will ever return to the boom of the last 10 years. There are several factors attributable to the market crash and who was responsible. Many have pointed the finger at subprime mortgage lending, lenient regulation of the market, unscrupulous mortgage lending and mortgage brokers to name a few.

Property solicitors would be the first to admit that the decline in the property industry has severely impacted on the cost of providing conveyancing services. Estate agents for example are still likely to charge the same percentage commission today for advertising and the sale of a customer's property as they were during the height of the boom however this is not the case with property solicitors. Property solicitors have become extremely competitive with their fees and as a result the fees have become less expensive. Solicitors are now able to offer instant quotes to their clients for a number of property transactions either for a purchase, sale or remortgage or for a joint transaction i.e. a related sale and purchase. Several of these quotes are available online or via sms text and clients are encouraged to provide the value of their intended sale or purchase and the property solicitor will then provide an estimate and in some cases a fixed conveyancing quote for completing the transaction.

During the slump the government introduced several measures to revive the market which included reducing Vat from 17.5 % to 15.5 % also the increase in the threshold for exemption from stamp duty on purchases for properties under 250,000 for first time buyers and 150,000 in a disadvantaged area. Such measures have attempted to revive the ailing property trade and restore activity in the property sector. This does not necessarily mean an increase in conveyancing activity among property solicitors although the conveyancing activity has improved in the last year compared to the end of 2008 and during 2009.

Given the current economic climate and the level activity in the property industry experience shows that clients demand increasing lower fees and costs for their conveyancing transactions and property solicitors would be wise to recognise this fact and act accordingly.