FCA seeks feedback on mortgage rules for ‘once in a generation’ chance to increase home buying
The Financial Conduct Authority has shared a discussion paper on the future of the mortgage market and is seeking a public conversation with experts and consumers on potential updates to lending rules. First-time buyers, the self-employed and people borrowing into retirement could all benefit from possible changes, as the FCA explores how it can support […]
Legal sector forms key part of government’s 10-year Modern Industrial Strategy
The government has confirmed its commitment to supporting and investing in the legal sector, laying out its plans in the 10-year Modern Industrial Strategy shared yesterday. In a statement to Parliament, the secretary of state for business and trade Jonathan Reynolds said the strategy ‘focuses on the high-growth potential sectors that will drive prosperity now […]
Five firms fined total of £118,000 for AML breaches
The Solicitors Regulation Authority continues its crackdown on AML breaches, with announcements that five firms have been fined a total of £118,000 for not following money laundering rules. The largest fine was handed to T G Baynes Solicitors, of Bexleyheath in Kent, who were ordered to pay a financial penalty of £63,869 and costs of […]
Property and ID data sharing a step closer with new legislation
The legislative framework required to share property and identification details between all parties in the transaction has moved a step closer as the Data (Use and Access) Bill receives royal assent. With applications across healthcare, planning, utilities, property and ID the Data (Use and Access) Act is wide-ranging. Described as a ‘key driver for change’ […]
LSB survey finds higher prices, but availability of remote services offers greater choice
New research from the Legal Services Board (LSB) reveals the price of legal services is rising, but the transparency of the prices offered is improving and consumers are benefitting from more services being made available remotely. The Prices of Individual Legal Services in England and Wales looks at five commonly used legal services: conveyancing, divorce, power […]
Government shares details of new mortgage guarantee scheme
The government has shared details of its new mortgage guarantee scheme, which is set to be launched in July. Mortgages offered through the scheme will enable eligible first-time buyers and home movers to buy a home with a deposit as low as 5%. Eligibility criteria has not yet been defined. The scheme will be permanently available with the […]
RICS welcomes infrastructure strategy, as government shares details of 10-year plan
The Royal Institute of Chartered Surveyors (RICS) has welcomed the 10-year infrastructure strategy announced by the government, as more details of the plan were shared by chief secretary to the Treasury Darren Jones. Speaking in the House of Commons, Jones said the plan will bring together economic infrastructure such as transport, energy and waste together […]
Base rate held at 4.25% – property experts share their views
The Bank of England’s Monetary Policy Committee has held the base rate at 4.25%, citing consumer price inflation remaining in line with expectations and ongoing global uncertainty as reasons for deciding against a further 0.25% cut. Announcing the decision, the Bank of England commented: “There remain two-sided risks to inflation. Given the outlook, and continued […]
Number of conveyancing firms drops while caseloads rise
An analysis of HM Land Registry data by Search Acumen reveals there was a 4% drop in the number of active property law firms in the financial year 2024/25, which the legal and property tech company says is due to ongoing ‘notable’ sector consolidation. There are now 3,719 active property law firms in England and […]
ONS house price inflation figures are sign of market rebalancing – ‘demand remains strong’
UK annual house price inflation slowed in April, for the first time since December 2023. Average UK house prices increased by 3.5% in the 12 months to April 2025 – down from 7.0% in the 12 months to March. The Office for National Statistics (ONS) attributes the fall to the stamp duty changes, and said […]
Inflation steady at 3.4%: property experts not concerned
Consumer price inflation (CPI) remains broadly steady, rising by 3.4% in the 12 months to May 2025, compared to 3.5% in the 12 months to April. The consumer price index including owner occupiers’ housing costs (CPIH) rose by 4% for the same period, compared to 4.1% the previous month. However, both CPIH and CPI inflation […]
Guidance on pre-contract enquiries published to tackle home buying delays
A new guidance document outlining recommendations on what might constitute unnecessary enquiries has been published; with its authors keen to point out the content is a first version and it is open to further refinement and comment. Guidance for Raising Appropriate Conveyancing Enquiries, or GRACE for short, has been pulled together by Vicki Redman of […]
Industry welcomes Spending Review plan of £39 billion for affordable homes
Chancellor Rachel Reeves has confirmed that £39 billion will be allocated to building social and affordable housing in England over the next decade. The announcement came as part of the government’s Spending Review 2025, which sets out the government’s plans to invest in Britain’s renewal and deliver its Plan for Change. Alongside the £39 billion […]
Material information form ‘on pause’ after NTSELAT guidance withdrawal
The Law Society will pause its work on the material information form it planned to accompany the updated TA6 sixth edition due out in the Autumn. Speaking at the Bold Legal Conference Law Society Vice President Mark Evans said the withdrawal of the National Trading Standards Estate and Lettings Agents Team’s (NTSELAT) material information guidance […]
‘Severe sanctions’ for lawyers who fail to verify AI research, with a warning for managers
A High Court ruling related to the use of AI in legal proceedings has warned there will be ‘severe sanctions’ for lawyers who fail to comply with their professional obligations when using the technology. Managing partners and heads of chambers must demonstrate that ‘practical and effective measures’ have been taken to ensure every person providing […]