June 8, 2018
In this week’s post we are looking at the Conveyancing market showing limited signs of growth, parents charging their children interest on loans, housing market updates and more.
A new report has shown that the Conveyancing market shows limited signs of growth
Due to a period of fluctuating trends over the last few years, a report has suggested that the residential conveyancing market has shown little sign of growth.
Economic trends, Brexit and the reform of Stamp Duty has led to a decline in property purchases, driven by a fall in residential transactions according to the IRN Research UK Conveyancing Market Briefing 2018.
However, the news isn’t entirely negative with some figures indicating there has been growth observed in the volume of work. Earlier this year, IRN found that 66% of conveyancers reported an uplift in the volume of work in the last 2 months.
A quarter of parents would charge their children interest on a home loan
UOWN surveyed 2,500 parents in Britain to try and gain a better idea of ‘the Bank of Mum and Dad’, a quarter of the people who completed the survey admitted that they would charge interest on a loan to help their children get on the housing ladder.
Founder of UOWN, Shaan Ahemd highlighted that whilst familial interest rates may be high, obtaining a loan from parents may be the only option for many first-time buyers in the UK.
For an infographic showing survey results based on location – please click here.
May sees house price growth slow
According to the Halifax, May has seen property prices rise by 1.5%, going some way towards recovering the decline of 3.1% observed in April. The current average house price is £224,439.
April showed the number of new buyer enquiries began to steady having fallen since the start of 2018. Despite showing signs of stabilizing, the figures have shown that demand had declined for a 13th consecutive month.
HMLR Service Suspension – 16th & 17th June
HM Land Registry (HMLR) has announced that their online services will be suspended during the 16 and 17 June for essential maintenance.
In order to prepare customers, HMLR has stated that their external services will be unavailable from Saturday 16 00:01 am to Sunday 17 June 11:59 pm to allow for extended maintenance and service tests to take place.
The suspended services will include: