Here at Howells Solicitors, we are delighted to report that our conveyancing department has experienced a 47% rise in the number of inquiries and completed transactions when compared to the same period last year.
The figures for the transactions completed and inquiries received by our conveyancing offices during November to December 2012 show an unexpected surge given the precarious state of the economy.
The growth experienced by our five offices across South Wales correlates with national figures released in December by the Financial Services Authority and the Council of Mortgage Lenders, which indicates that banks and building societies are becoming more willing to lend to prospective homebuyers.
Mark Hobbs, managing partner, was quoted in the Western Mail, saying: “There is a plethora of different opinions regarding the current state of the housing market and what might happen in 2013. The Government’s Funding for Lending Scheme is starting to have a positive impact on the housing sector in Wales.
“Using our own data we have noticed that the number of first-time buyers entering the market is up on the same period last year. We have also seen a significant rise in the number of clients purchasing new builds.”
Over the past couple of weeks, both the Monmouthshire Building Society and the Principality Building Society have launched the lowest rate mortgage deals in the UK for first-time buyers. We believe this will further strengthen the recovery and encourage buyers in South Wales to start shopping around for properties.
It is particularly encouraging to see the growth we have experienced replicated across the country and throughout the UK. Hopefully, this is a sign of things to come for 2013.
