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UK average house prices hit a record high of £270,000, an increase of 11.8% over the year to September 2021, up from 10.2% in August.

The latest UK monthly property transactions data shows that the provisional seasonally adjusted estimate of UK residential transactions in September 2021 is 160,950, 68.4% higher than September 2020 and 67.5% higher than August 2021.

Andy Sommerville, Director at Search Acumen, comments on today’s data from the Office for National Statistics: “The pain of supply issues across large swathes of the UK economy is nothing new to the housing market, where demand and supply have been disconnected for almost as long as memory serves…”

Lawyers do not become legal practitioners to do paperwork, but when managing heavy workloads, it can sometimes be hard to think about innovation and adopting new processes. This can lead to frustrations as a result of inefficient practices that impact service delivery and slow down transaction times. Covid-19 has only served to aggravate the pitfalls of a paper-based way of working.

Andy Sommerville, Director at Search Acumen, comments on today’s ONS Construction Monthly figures: “After a frenetic year in the housing market, stock levels are severely depleted as a result of more than 12 months of exceptional demand. This imbalance and the sheer level of demand kick-started the construction sector earlier this year, with developers keen to revive stalled projects as confidence rose along with house prices.