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A trial of blockchain involving digital transfer of property ownership has been completed by the Land Registry, but the agency has no plans to adopt the emerging technology itself any time soon.

The top five conveyancing firms handled 36% fewer transactions in the first quarter of this year, a report has found, and their market share dropped from 8% to 6%. On average, firms handled 14% fewer transactions and the number of firms also fell.

The Land Registry is to change land registration legislation to ensure that alternative business structures can compete effectively with traditional law firms. It says the prospect of increased competition is potentially good for consumers.