High demand will see residential transactions reach 1.18m this year – TwentyEA
Data compiled by analytics specialists TwentyEA suggests residential property transactions will reach 1.18 million by the end of the year – the highest level seen since 2022. TwentyEA’s analysis shows the volume of sales agreed has reached 791,000 so far this year (January to July) – 6.8% higher than the same period in 2024. HMRC […]
Failings in management of politically exposed person cost solicitor £82,500
A firm manager has been fined £32,500 and ordered to pay costs of £50,000 following a series of regulatory breaches while acting for a politically exposed person (PEP). Three of five allegations made by the Solicitors Regulatory Authority (SRA) against Rory Peter Heddle Fordyce – who has also been subjected to restrictions on employment and […]
RICS survey paints gloomy picture at odds with recent sector optimism
The latest monthly sentiment survey of chartered surveyors in the residential sales market shows signs of a faltering market, after several months of positive figures and sector optimism. The Residential Market Survey from the Royal Institute of Chartered Surveyors (RICS) conveys a ‘relatively weak backdrop’, with buyer demand and agreed sales falling back into negative […]
Bank of England rate cut is ‘the shot in the arm the property sector has been waiting for’
In a widely expected decision, the Bank of England’s Monetary Policy Committee has cut interest rates to 4% – a move that property and finance experts agree will stimulate the housing market and provide a much-needed boost to those facing affordability challenges. Jonathan Handford, managing director of Fine & Country, said cutting the base rate […]
SLC issues new climate change client guide
The Society of Licensed Conveyancers (SLC) has issued a new client guide on the effects of climate change, which it says will help conveyancing clients to help source information and expert advice. The guide follows the release of the Law Society’s recent practice note, which outlines the expectations on property lawyers when it comes to […]
House prices rise 0.4% and ‘affordability is gradually improving’ – Halifax
A 0.4% increase in house prices announced by Halifax has been welcomed as good news for consumers, with the building society saying it expects modest gains to last throughout the year. With easing mortgage rates, rising wages and more flexible affordability assessments, the result is ‘a housing market that continues to show resilience’. ‘Challenges remain […]
HMLR is accepting QES and encourages conveyancers to ‘start using now’
HM Land Registry has announced it is accepting Qualified Electronic Signatures (QES) and is encouraging conveyancers to start submitting applications signed using the digital tool straight away. ‘QES are the most secure form of electronic signature – no paper or witness needed’, HMLR said. Pointing out that the signature tools use ‘long-established, well-regulated technology’, the […]
No holiday for AML enforcement as SRA shares details of penalties totalling £275,000 in July
Decisions shared by the Solicitors Regulation Authority in July reveal 13 firms have been fined a total of £275,170 for AML breaches dating back to 2011 – with one firm fined £114,006. Amphlett Lissimore Bagshaws in London received the hefty sanction for failing to implement adequate policies, controls and procedures (PCPs) and failing to conduct […]
Solicitor struck off for ‘widespread and fundamental non-compliance’ with AML regulations
A solicitor has been struck off and ordered to pay costs of £29,775.84 for multiple breaches of Money Laundering Regulations that the Solicitors Disciplinary Tribunal said represented ‘widespread and fundamental non-compliance with critical regulations’ amounting to systemic failures. The judgment was issued against William Joseph Harris following an application by the Solicitors Regulation Authority detailing […]
Transaction times edging back up towards 2022 peak
The time it takes to exchange on a property is creeping back up, according to the latest Housing Insight Report from Propertymark, with 39% of estate agents reporting transaction times of 17 weeks or more. The company’s June report – based on responses to a monthly survey of around 100 Propertymark member agents across the […]
CLC publishes new Risk Agenda, with a focus on ethics and a warning against post-completion ‘slacking’
The Council for Licensed Conveyancers has published its Risk Agenda for 2025, which encourages conveyancers to focus on ethics and ethical conduct. The CLC has also warned against treating post-completion HM Land Registry applications ‘as an afterthought’. The new Risk Agenda underlines ‘the fundamental importance’ of ethics and ethical conduct, and sets out what the […]
Solicitor loses High Court appeal against being struck off for improper transfers and dishonest conduct
A former solicitor has lost an appeal against a decision of the Solicitors Disciplinary Tribunal, which had ordered him to be struck of the Roll of Solicitors for the improper transfer of funds and dishonest conduct. Harry Francis Cottam, who had been a solicitor over 30 years, had appealed against an October 2023 Tribunal decision […]
Resilience remains the buzzword as Nationwide reveals modest house price increase
Nationwide’s July House Price Index showed a ‘modest’ annual house price increase of 2.4% in July, up from 2.1% in June. Prices were up 0.6% month on month, with a house price to earnings ratio of 5.75 – the lowest level in over a decade. Many industry commentators shared the view that the figures point […]
A 13% increase in HMRC transaction data signals ‘improved buyer confidence’
HMRC monthly residential property transactions increased in June, with the provisional seasonally adjusted estimate up 13% since May and 1% higher than the previous year. There were 95,530 residential transactions in June, which HMRC said reflects a recovery from the dip seen at the end of the temporary nil-rate thresholds. Non-seasonally adjusted residential transactions increased […]
Rightmove reports ‘notable reduction’ in mortgage rates as industry awaits expected BoE cut
The current average two-year fixed mortgage rate is currently level with the average five-year rate, with both at 4.52%, according to the latest figures from Rightmove. And, according to the company’s mortgage expert Matt Smith, the rate is set to come down further if the Bank of England goes ahead with an expected cut of 0.25% […]