Conveyancing firms are reporting higher levels of business, suggesting that transactions in the pipeline could be looking healthier.
Lisa Shenton, a partner at Irwin Mitchell, said there was a 53% rise in the number of completions her firm handled in June compared with May, with year on year figures up by 19%.
Shenton said: “As a result of limited mortgage availability and the withdrawal of HIPs, there is a vast supply of houses on the market at the moment and this has put buyers in a very strong position.
“We expect the number of completions in July to remain high as people try to finalise their move before the start of the new school term, and we’re also expecting a busy December as buyers try to push through their purchases before the increase in VAT on January 1, 2011.”
Conveyancing Alliance, an online conveyancing distributor, has also reported a significant increase in business, saying completions in the second quarter were up by 35% on the first three months.
It says that in June, it had twice as many vendor clients as in May.
Conveyancing firms getting busier
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Comments
At Fridays Property Lawyers our Volumes are up about 250% on a year ago - but I am not convinced the market is that much bigger. It feels very flat out there.
Sceptic: More and more I am coming round to the fact that many do NOT want to believe this! EVERY news story that suggests things might - just might - be on the up (or at least settling to a sensible level) are treated with raging contempt, and there are 100 reports that state the opposite.
It seems the easy option for Agents to embrace the idea of price reductions as the answer to the market - but this will prove to be short-lived, as prices cannot fall forever and will inevitably lead to property drought which will then start the boom/bust cycle again.
To fortell the future, just look to the past...
Can we really believe this? As most Newspapers are saying the market is slowing, Banks are not lending, and its Summer recess period!