From time to time during the conveyancing process, title defects may come to light, or…
Eddie Goldsmith, Chairman of the Conveyancing Association, reacts to the Land Registry’s latest Market Trend Data:
“2015 has been an unusual year and the Land Registry’s latest figures are indicative of this. With the General Election disrupting the peak we traditionally experience in the Spring and the Rugby World Cup disrupting the second annual peak we usually see in the autumn, the market is showing every indication of having plateaued. This is certainly no bad thing as a more tempered market may suggest more stable and longer term growth. We also need to take into account the significant drop in the supply of homes coming onto the market which seems to be reflected in these figures.
Many prospective sellers are likely to have been advised to wait until October to put their property on sale, when we may see a small pick-up in activity in the run up to Christmas giving us a truer indication of exactly where the market is. This will also give us a clearer picture of what we can expect to see next year, as 2016 fast approaches.
What is extremely encouraging to see is the 43% decrease in repossessions since last year, reflecting the greater confidence in the economy, growth in wages and fall in prices, as well as the stricter mortgage rules , ensuring buyers can definitely afford in the longer term.”