Unfortunately, news for the property sector hasn’t been much more positive. In August, the Financial Times reported that UK mortgage approvals had fallen more than expected amid high borrowing costs.

Net mortgage approvals fell 10% between June and July, 22% lower than in July 2022. Set against a backdrop of rising interest rates, it’s undeniably a tough market.

Yet, it’s not an entirely bleak market. Of course, it’s important to not downplay the many significant challenges that the sector has faced over the last few years – it’s also important to avoid doom mongering and to recognise where there are some positives.

Mortgage rates are now starting to stabilise amid reports that interest rates may have peaked. Moneyfacts reported that with 5,300 products on the market at the end of September, product choice is at its highest level since February 2022.

More choice in the market and more stable interest rates will start to see a re-emergence of buyers as confidence, slowly but surely, grows.

Professional indemnity insurance (PII) has most certainly been a thorny issue in recent times, but this year we have definitely seen the tide turning. Following significant engagement with insurers, this year’s renewal round saw another new insurer enter the Council for Licensed Conveyancers (CLC) market, bringing more choice.

In addition, the majority of CLC-regulated firms reported a far smoother PII renewal round this year following changes to our PII framework.

Every year we are required to conduct an annual regulatory return (ARR). The ARR allows our regulated firms to update us on any changes to their practice, and gives us an opportunity to assess risk levels.

This year’s found that 86% of CLC-regulated firms expect either to maintain or grow staffing levels this year. That’s a sign of great confidence in the future of specialist conveyancers and in the market. Further, 34% intend to increase the number of authorised persons they have in their firm through either hiring or putting staff through the required qualifications. This is building a healthy pipeline of conveyancers for the future.

We’ve also seen great adoption of technology and new working practices amongst our regulated community. For example, practices utilise either some working from home or have fully hybrid working practices in place, while 94% are using electronic ID and verification tools for new clients, ensuring they are delivering secure and efficient services.

While the market undoubtedly still has a way to go before we see buyers and sellers returning in significant numbers with confidence, there are definitely enough signs that the sector is stable, those who work in it are continuing to invest while we ride out this trough, before the next peak.

So, there is cause for optimism when we look at the huge range of tools available on the market that can improve client service, deliver faster, simpler and more certain conveyancing transactions.

Over the coming months I hope that all of the players in the home buying and selling process will make the changes that we know we can.

I am old enough to remember the Six Million Dollar Man sci-fi TV show from the 70s. Over shots of surgery turning the injured astronaut into the bionic man, a voiceover affirmed each week that: ‘We can rebuild him; we have the technology’.

Stephen Ward is director of strategy and external relations at the Council for Licensed Conveyancers