According to the researchers, there are 30 per cent fewer law firms offering residential conveyancing services compared with 2005.
The number of firms in England and Wales in the field dropped by nearly 10 per cent last year alone – falling from 5,871 in 2014 to 5,357 in 2015.
In 2015 law firms completed 1.03 million transactions, an increase of only 4,389 on the previous year.
Nonetheless, the figures show that the size of the residential conveyancing market is nearly a quarter smaller than it was before the global financial crisis of 2008.
Mark Riddick, the chairman of Search Acumen, described 2015 as “the year when the property market was still coming out of the post-recession doldrums”.
Jonathan Smithers, president of the Law Society of England and Wales, who is also a conveyancing specialist lawyer, reacted to the research, telling The Brief: “The market is dynamic and has had consolidation amongst some firms. It would be wrong to conflate the total number of firms, in the thousands, with the number of clients who are buying and selling or with the size of the market