Property Sales and Mortgage Lending Falls from 2014
Recent statistics released by the Council of Mortgage Lenders (CML) and the Land Registry have found that residential mortgage lending and property sales have fallen since last year's figures.
We have tried to understand why this has happened, and what it might mean if you are deciding to buy or sell a property.
- The report by CML shows lending in the first quarter of 2015 is down 11% compared to the first quarter of 2014. This is both for first time buyers and for home movers.
- Land Registry sale volumes are down by 18% in January 2015 compared to January 2014.
Why is This?
Although these figures show overall that lending and sales are down in comparison to the figures last year, March has seen the figures pick up slightly. Figures released by CML show that house purchase lending in the UK has increased 20% in March when compared to the previous month. Although these figures still remain lower than last year, it could be signalling the beginning of some continued improvement.
Despite these figures dropping from last year, the level of enquiries our conveyancing solicitors are receiving from people looking to buy or sell have risen. Following the general election in May, we began seeing more and more people enquiring for advice for help buying and selling.
Lisa Gibbs, our Partner and Head of Residential Conveyancing
, commented on the statistics:"The dip could be explained by the uncertainty in the market during the run up to the general election. It will be interesting to see how the property market responds to the general election result, as there is more certainty with a Conservative government as opposed to a coalition.""Our Conveyancing team has certainly seen further increases in the number of enquiries we are receiving from people looking for help buying or selling homes."
As with all property sales, there is always the opportunity for things to go wrong and for sales to fall through. Problems can crop up in relation to mortgage applications, or the purchaser or vendor may suddenly withdraw from the sale for any number of reasons. Delays and complications with searches and surveys can also result in sales falling through.
Getting the Best Chances
Getting the right help from a team of well established, well organised Conveyancing solicitors
can make sure that your purchase or sale runs as smoothly as possible.
We work in a way that makes sure you can keep up to date with your case at a time that suits you by using our online residential Conveyancing tracker
. Our service affords you a quality of relationship with your solicitor that is transparent, honest, and easy to follow.