Conveyancing costs have increased by as much as 18% in the past year, Moverly reveals.

The latest data highlights the growing pressures on the UK property transaction process.

Analysis of estimated UK conveyancing cost data shows that homebuyers are currently paying an average of £1,375 when purchasing a freehold property, and £1,746 when purchasing a leasehold.

This marks an annual increase of 13% for freehold costs and 13.3% for leasehold costs.

On a regional basis, the biggest freehold conveyancing cost increase has been recorded in the North East where an annual rise of 18% puts the average cost at £1,311.

This is followed by the East of England with an increase of 14%, South East with a rise of 13%, Yorkshire & Humber up 12.7%, and the North East with a lift of 11.7%.

The largest regional cost increase for leasehold conveyancing has been recorded in Scotland where an annual rise of 16.4% means the average spend now stands at £1,193.

This is followed by the South East at 13.9%, North West at 13.1%, London at 12.4%, and South East at 12.2%.

Moverly chief executive officer Gemma Young says: “With conveyancing costs rising so steeply over the past year, it’s clear that both homebuyers and conveyancing professionals are facing increasing pressures.”

“The property transaction journey involves complex processes that have evolved over many years, and addressing these challenges requires industry-wide collaboration.”

“As market pressures increase, we’re seeing how these forces affect transaction timelines and ultimately impact costs for homebuyers. This highlights why collaboration across the property sector is so important.”

“The industry is now coming together around two complementary approaches: the introduction of upfront Material Information and the advancement of Digital Sale Ready standards.”

“When properties meet these standards, all vital property and legal documentation is collected, verified, and digitally accessible from the beginning. This creates more efficient transactions – benefiting conveyancers, agents, and homebuyers alike.”

“By improving both compliance information and legal readiness from the start of the process, we can collectively reduce duplication, save time for conveyancing professionals, and potentially reduce costs for consumers.”