Although the government remain coy on precisely when the UK economy will be relieved from lockdown measures, many cabinet insiders have intimated that estate agents and the property sector will be amongst the first to re-open their doors. Therefore, for stakeholders in the property market who could lose up to 35 per cent of their […]Read More
Wednesday I was hopeful that a sale of an empty property I had would complete on Friday. One completion was better than none, and as the filing cabinet empties of those clients who could move while we are in this phase of lockdown, it seems that the prospect of making some money is slowing down. […]Read More
By Simon Farthing, Commercial and Marketing Director, LexisNexis Enterprise Solutions The CLC may have challenged the industry to make conveyancing a fully electronic process by 2030, but COVID-19 has become the catalyst for digitalisation that no one could have ever predicted. Just based on the last few weeks alone, there can be no doubt that […]Read More
Tuesday I am so glad that I can go into my office every day; I unlock my front door and go into my office. It is quiet but I have always arrived early so am used to the solitude of an early morning. The only difference now is that I am here alone for the […]Read More
The Chancellor, Rishi Sunak, announced small business loans relief last night which could help many businesses in the property sector, including construction. Small businesses impacted by Covid-19 and social distancing measures are now able to borrow between £2,000 and £50,000 with the money available within days. The loans will also be interest free for 12 […]Read More
The world of UK property has changed profoundly since the early year optimism and increased transaction volumes. Following this brief market buoyancy, the spread of Covid-19 and the consequent social distancing regulations have brought the sector to a relative stand still. Zoopla has calculated that more than 373,000 sales are suspended in the pipeline, waiting […]Read More
With all of the new difficulties hindering property sales at the moment, it is encouraging to see that a recent online property auction achieved an 86% sold rate. Auction sales may represent a good way for property owners to sell properties during lockdown. Similarly, with interest rates at a record low, investors can access properties […]Read More
Thomas Quirke, Managing Director of SearchFlow – the UK’s leading provider of conveyancing search solutions –responds to the UK House Price Index that has been released for February 2020: “While the UK House Price Index has shown an annual price increase of 1.1% – taking average property values in the UK to £230,332 – this […]Read More
Monday I had two successful completions on Friday – but they were interesting in that how I expected them to proceed was not how they happened. One couple were buying an empty property. The seller had moved out about two weeks ago so we knew that there would be no issue with completing safely. All […]Read More
Research could suggest that the property market has already hit its lowest levels in recent weeks. After six weeks of strain, could the market be transitioning into a steady upward trajectory? According to data from Twenty7Tec, the property market experienced daily, weekly and fortnightly increases on both search activity and the volume of mortgage documents […]Read More
Boris Johnson was warned the public that the UK is at maximum risk of a second spike in Covid-19 if social distancing restrictions are relaxed too soon. In his first official speech as prime minister since being hospitalised for Covid-19 himself, Mr Johnson sympathised with business-owners desperate to return to work but claimed prematurely relaxing […]Read More
Friday I was quite excited about today – I had three completions, all purchases of empty properties. What a busy day! However, only two completed. The third proved to be difficult. The reason was somewhat unusual but usual for the times in which we live! I had submitted the Certificate of Title fourteen days ago, […]Read More
The conveyancing sector has been severely impacted by the government imposed lockdown and property market freeze at the end of March. Anecdotally, many firms have taken advantage of the government’s Job Retention Scheme by furloughing their staff with some businesses placing up to three quarters of their fee earners on furlough. Whilst this will help […]Read More
Thursday There are times when the reality of the times in which we live hit you hard. Today, that happened. I have a lovely client who is looking to move into an empty property and she has been hindered by the chain below her who were slow to get things moving initially and have never […]Read More
One of the UK’s building heavyweights, Taylor Wimpey PLC, is set to reopen its construction sites on a phased return in less than two weeks. The house builder has pledged to conform with all governmental social distancing regulations and has created a set of revised protocols to allow the company to start building homes once […]Read More
Firstly, and most importantly, we hope you are staying well and safe in these troubling times. We are all aware that the property market is still facing some serious challenges but it is encouraging to see that our law firms are still having new property instructions pass through their doors. Searches UK are processing conveyancing […]Read More
Wednesday Although conveyancing practices are still open, albeit on a reduced staffing level and with many working remotely, estate agents were one of the first businesses to be told by the Government to close their offices. Many estate agency staff have been furloughed and some are working remotely. But whereas conveyancing can continue up to […]Read More
Lockdown has prompted more people to review their leasehold contracts with leaseholders increasingly researching their enfranchisement options. The Association of Leasehold Enfranchisement Practitioners (ALEP), has reported a significant rise in homeowners reviewing their leasehold extension opportunities and rights. ALEP has claimed its website has experienced a ‘major spike’ in activity since the virus took hold […]Read More
Tuesday So following on from yesterday, I was thinking about what will happen when the restricted movement restrictions are lifted. I have always marvelled (although that is probably not the word I want to use but it sums up my thoughts!) at how many organisations are involved in the house moving process. And there at […]Read More
The Guild of Property Professionals has written a letter to the government urging them to include estate agents in the first wave of essential services to be released from lockdown. The letter stresses that lifting restrictions on estate agents will have a positive knock-on effect for the entire UK economy. Last week, a number of […]Read More
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