Average residential conveyancing fees have increased by 21% over the past year, according to sector research by a property agency and auctioneer.

Property Solvers says it contacts 100 conveyancers every year to get an idea of where their average fees stand.

According to its report, published today, average conveyancing fees for a freehold sale increased from £900 to £1,090 since early 2021. Fees for a freehold purchase rose by a similar amount. 

Average conveyancing costs for a leasehold sale grew from £908 in 2021 to £1,077 in 2022 and from £842 in 2021 to £976 in 2022 for a leasehold purchase.

Property Solvers says property values in its survey were never above £450,000, disbursements and supplementary fees were not taken into account, and researchers did not check whether the conveyancers were on lender panels.

Property Solvers’ Ruban Selvanayagam said: 'It comes as little surprise that conveyancers/conveyancing solicitors have been increasing fees in line with rising inflationary pressures across most service-led sectors alongside sustained demand from the home sales market at large over the last year.

'Conveyancing fees, compared with estate agency costs, tend to have more disparities relative to the firm’s location and reputation. For instance, there were several leasehold purchase quotes ranging from as low as £588 right up to the £2,000+ range. We also came across a remortgage conveyancing fee at £246 and as high as £1,434 (inclusive of VAT).

‘However, we would generally advise steering clear of quotes that seem too cheap as your case may well be one of a huge pile that the conveyancing firm is dealing with. This could jeapordise the successful completion of the transaction. On this note, in addition to online reviews, it’s always worth checking the firm’s current workload (most will be honest with you).’

Last year was a busy year for conveyancers, who dealt with a surge in demand for their services as a result of stamp duty concessions and house moves that were postponed due to lockdown.