"Conveyancers can take comfort that charging the right amount for their expertise won’t be a deal-breaker for consumers, so long as it’s planned for and supports a smoother transaction experience, enabling more sustainable business models in the industry."
- Matt Joy, chief growth officer at Smoove
Of those surveyed (1,001), 27% of homeowners said having to pay unexpected costs was the most frustrating part of the process. Almost two-thirds (62%) of those who’ve bought a home in the UK in the last twelve months said they’ve experienced unexpected costs during their transaction.
Renovation and repairs were cited as the most common unexpected costs, followed by legal, and one-off costs associated with a transaction – for example, Stamp Duty and moving costs.
These costs, contributing to delays in the process, have also been identified in recent research undertaken by the Open Property Data Association (OPDA), which revealed transactions take a month longer than consumers expect.
Smoove found that first-time buyers were the most susceptible to these pressures, with 66% experiencing unexpected costs compared to 55% of second steppers requiring more education on the transaction process.
Moreover, homeowners and sellers are also facing rising conveyancing costs. On average, £1.9bn was spent on conveyancing in 2024 – this equates to a 17% year-on-year increase.
“In what are normally the biggest financial moments in a person’s life, the lack of clarity in property purchases and sales adds a completely new and preventable layer of strain for consumers. Central to this is the potential for spiralling, unbudgeted costs,” explained Matt Joy, chief growth officer at Smoove.
He said: “Unexpected outlays on repairs, moving costs, surveys or searches, and unplanned expenses can add up quickly and contribute to the stress and pressure on the transaction itself. What this research highlights is the need for greater certainty in the process and better information at the outset, allowing buyers to budget and plan more effectively.
“Resolving issues like this will help reduce delays or fall-through, and ultimately build more trust in the process, encouraging consumers to move more frequently. For conveyancers, with homebuyers not necessarily chasing the cheapest service, there is an opportunity to work with value-based pricing.
“Conveyancers can take comfort that charging the right amount for their expertise won’t be a deal-breaker for consumers, so long as it’s planned for and supports a smoother transaction experience, enabling more sustainable business models in the industry,” Matt concluded.
