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June 15, 2018

Survey finds families ‘can’t afford to buy a house’

A survey has examined whether or not a working household with an average income is able to purchase a property.

According to the latest household affordability survey, families in Jersey are unable to afford a mortgage on any type of house if they are earning an ‘average’ income.

On average, the survey found that:

  • A one bedroom flat was about three times the average income
  • A two bedroom flat was five times the average income
  • A two bedroom house was six times the average income
  • A four bedroom house was about 12 times the average income

Source

 

Law Society has revealed new CEO

This week, the Law Society of England and Wales announced the appointment of Paul Tennant as its new CEO.

Paul has been interim CEO since 2017. With council and staff, he has led the development of the Society’s values and purpose, promoting the profession working in the public interest.

He has spearheaded the Society’s focus – with more to be done – to improve communications with members, keeping them up to date, supporting practice excellence and being a companion as solicitors build their skills and careers in a changing environment.

Source

‘Positive’ growth for homes market

For the first time in 2 years, the number of homes coming on to the housing market is showing signs of positive growth.

The Royal Institution of Chartered Surveyors’ market survey also found that, while the flow of houses coming on to the market has increased marginally, average stock levels on estate agents’ books across the UK was still close to an all-time low, at just over 42 properties.

Source

 

Conveyancer shortage could pose problems

Clayton Legal conducted its 2018 salary survey in February and March this year which has revealed a snapshot of the legal profession including challenges, remuneration, use of support staff and how firms intend to hold on to talent.

A common theme that was identified was a shortage of conveyancers with this view feeding into wider concerns about the property market.

The law firm has warned that a shortage of conveyancers could result in serious challenges for firms.

Source

 

Today’s Conveyancer, BBC – June 2018
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