Conveyancing volumes hit a four-year high in January 2020, but this was quickly followed by a seven-year low as lockdown procedures took hold, says Search Acumen.

In the first month of this year, the data insight provider recorded 104,325 transactions in England and Wales, the largest since April 2016, when 114,425 took place.

However, in March this figure came in at 55,381, the lowest since April 2013’s 54,064.

Overall, transactions for the quarter were up 5 per cent on Q4 2019, from 226,444 to 236,641. The annual figure was down 8 per cent though, and Search Acumen believes that Q2 will be even worse.

Search Acumen’s report also shows that the number of active conveyancing firms in January reached 4,135 – which is the highest since November 2018. This fell to 3,726 in March, with 400 firms not registering even one transaction.

Alongside this, the top 1,000 firms took 77 per cent of market share in Q1 2020, up from 71 per cent in the previous quarter. The top five within this went from a market share of 5.5 per cent in Q4 2019 to 6 per cent in Q1 2020.

Outside the top 1,000, market share fell from 29 per cent to 23 per cent within the same time frame.

Search Acumen director Andy Sommerville says: “While the seven-week freeze on property transactions that began in March is starting to thaw, it is clear expectations have changed and the property industry cannot simply go back to old ways of working.

“The figures for Q2 will look tougher still, but we have been encouraged by the fresh energy and dedication with which many firms have pivoted their services and sought to digitise traditional practices in the face of adversity.

“While parts of the industry had been reluctant to adapt for the 21st century, Covid-19 has been an unwelcome catalyst for change that can bring lasting benefits once the health crisis abates. This includes innovations like virtual reality, video viewings and contactless valuations – all bringing greater efficiency to the homebuying process.

“The importance of embracing digitisation is no longer a question of debate, but it still requires commitment and collaboration across the industry. Government needs to be resolute in its commitment to accessible and accurate data, and work with the private sector to embed an efficient, innovative and productive market – ready to face future crises big or small.”