Our solicitors recently shared their thoughts on the conveyancing market post Brexit in our blog post Brexit is Providing Opportunities for First Time Buyers, however, our recent figures show that the market appears to be doing better than expected.
Figures Show a Strengthening Property Market
Despite concerns about the stability of the UK economy and consumer confidence since the country decided to vote out of the EU, we have found that the residential property market continues to perform strongly.
We have seen a 19% increase in the number of conveyancing cases they have been instructed in August 2016 compared to July 2016, and a 16% increase year-on-year. There has also been a notable increase in the number of cases we’ve handled regarding properties valued above £1 million.
These figures are comparable to figures released by the Council of Mortgage Lenders that estimated a 7% rise in mortgage lending in August compared to July, and a 15% increase for the same months in 2015. It was also at its highest level since August 2007.
Demand for property remains high with increases in the number of first time buyers taking advantage of the record low interest rates and over 3,000 mortgage products. However, the Royal institution of Chartered Surveyors is reporting that the average number of properties is at a record low and could potentially impact on the market as a whole restricting its growth.
Mark Hobbs, MD, Shares His Thoughts…
Mark Hobbs, Managing Director of Howells Solicitors, is optimistic that the overall picture for the housing market is positive. He said,
“Although the data provided by the various sources can be susceptible to variances, our own reports are showing similar trends and the extensive networks of various estate agents and housebuilders we are in daily contact with are on the whole in agreement.
“We are anticipating continued growth in the housing market in Q4 of 2016 continuing into 2017 and gearing the company up to meet demand by creating new positions in our conveyancing departments. Externally, it will be interesting to if the Bank of England’s monetary policy committee decide to cut interest rates again this year and how that will impact on the market.”
