Property Market Brings Welcoming news to Conveyancing Solicitors

Conveyancing solicitors may allow themselves to breath a very cautious sigh of relief following the release of a recent study. The latest figures indicates that activity in the property market may finally be picking up. This news will come as a welcome relief to conveyancing solicitors who have been hard hit by the property slump.

During the years of the last property boom the services of conveyancing solicitors were in peak demand. The high volume of property transactions meant that the expertise of conveyancing solicitors were called upon to handle the nuances and pitfalls of property transactions. Stamp duty requirements, tricky negotiations and the high financial stakes involved in property purchases and sales kept any good conveyancing solicitor busy with a constant stream of work.

However, as house prices plumetted, new building stagnated and banks became less willing to lend, conveyancing solicitors, like estate agents, have found that work is no longer so easy to come by. So while the latest figures display a mixed picture, the news of some increased activity will undoubtly be welcomed.

The positive news emerging from the survey is that there has been a significant increase in the volume of inquiries to estate agents and mortgage lenders, particularly from first time buyers. As such, a 17 per cent increase in the quantity of new buyers registration was recorded, as those looking to get onto the property ladder decide to use the current economic climate to their advantage and seek to snap up a bargain.

The study also recorded that a greater number of homes are being put on the market and more importantly, more of these are now managing to sell. In fact, in February 2009, the number of sales agreed bucked the downward trend of previous months and grew by 36 per cent.

However, the survey did produce some key finding swhich indicate that despite these hopeful signs of recovery, the property market is far from healthy yet. Activity levels may be up, but they still remain 60 per cent lower than previously, and the average house is selling for 22 per cent less than the price sought by the buyer.

Despite the depressed prices, property transactions are still happening and those seeking a bargain may increasingly be inclined to cash in on the downturn - and this is good news if you are a conveyancing solicitor. Transactions - albeit at a lower financial level - will undoubtely provide some much needed relief during this tough economic time.