Conveyancers predict another buoyant year

Topics: Government & politics,Conveyancing

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Conveyancers expect another buoyant year amid changes for the property sector, according to a market snapshot.

The conveyancer sentiment tracker, run by search provider SearchFlow, shows that 27% of conveyancers believe transaction levels will increase by up to 20% this year.

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Maud Rousseau, group marketing and communications director, said the conveyancing industry was ‘very likely’ to see a rush to complete property purchases before the spring followed by a ‘sharp drop’ in transaction levels.

In November, chancellor George Osborne announced a 3% stamp duty land tax surcharge for buy-to-let landlords and people with second homes, and this is expected to hit the market when it comes into effect in April. 

However Rousseau said that the effect would be temporary. ‘If rent remains high and housing stock is still in short supply, buy-to-let will remain a profitable investment for many.’

Rousseau warned solicitors that they needed to be prepared to adapt quickly ‘if online estate agents achieve their ambition of being highly disruptive in the world of estate agency’.

A number of government plans, such as privatisation of Land Registry, could have a ‘very significant’ impact on the sector, Rousseau said.

‘There is no denying, 2016 could be the year the conveyancing industry sees the most significant change in generations,’ Rousseau said. ‘There is a sea change underway and we are in the midst of this transition.’

Readers' comments (7)

  • Predictions are invariably based on the recent past and some significant changes or events that are imminent. There are many other variables that affect the housing market notably debt levels and job prospects. Not many forecast the 2008 debacle and there will remain a paucity of pessimists and a surfeit of estate agents and others for whom positive prospects are a constant,seeing the silver lining in the darkest of clouds. Few will listen but it is better to wait and see before making what are meant to be serious predictions a few days into a New Year .A hardy perennial.

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  • The Law Society is going to streamline residential conveyancing by replacing the traditional enquiries before contract with a one-liner:

    "If we asked the usual pointless questions would you give the usual worthless answers?"

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  • Will the quality of those firms and individuals undertaking this work remain poor with yet more claims being made on the compensation fund. I wonder but will not hold my breath.

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  • What did the other 73% say?

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  • the conveyancing cat fish at the very bottom of the tank, whilst enviously having to watch the ill educated fly by night Estate Agents pocketing 10 times the amount in commission, but you daren't bite the hand that feeds you by saying anything. The silence of the lambs.

    Thank your gutless predecessors in the late 80's/early 90's for bending over and enjoy your well earned pittance.

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  • Perhaps the other 73% are going to flog houses on the basis that ' if you cant beat 'em join 'em! '

    Not a bad idea methinks!

    LB

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  • Solicitor - 3 houses sold - profit £1,000

    Estate Agent - 3 houses sold - profit £10,000

    Who's the mug?

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