A Bury-based law firm has seen a 25 per cent rise in the total number of residential property conveyancing matters in the first five months of 2024 when compared to the same period last year after a sharp upturn in homeowners selling their property.
Clough & Willis claim the number of people selling their property jumped 38 per cent whilst transfers of ownership increased by 59per cent. However, according to data from Clough & Willis buyers only increased by four per cent in comparison which, according to Lorraine Stratton-Webb who is the head of residential property at Clough & Willis demonstrates“that there is still some trepidation around interest rates.”
The figures represent transactions across the borough of Bury and encompass properties priced from £53,000 to £1.4m.
Ms Stratton-Webb said: “Overall this data is encouraging and shows there is still confidence out there even though buyers are still cautious. Many people have become tired of waiting and simply want to move, whilst some buy-to-let landlords are selling up due to higher taxes, increased mortgage costs and uncertainties around potential and costly legislation.”
Lorraine added: The upcoming election does add a layer of uncertainty, as does the recent news that the drop inflation hasn’t been reflected in an upturn in consumer spending. However, my feeling is that the market will get stronger as interest rates seem to have stabilised and there is a sense they will start falling soon. That will, of course, depend on the fiscal policies of the next government and what the Bank of England thinks the impact will be.”
