Quiet January for conveyancers not necessarily a sign of things to come

Residential conveyancing solicitors had a relatively quiet January with the level of property sales down to 97,320, a 6% drop on the same month last year.

In fact, the figures are the lowest since October 2013 and represent the fourth month in a row in which sales have fallen.

However, residential conveyancing solicitors and real estate agents share the view that the residential property sales market still looks buoyant, with house prices expected to rise by close to 5% during the course of 2015.

Despite this positive general outlook, this is not agreedunanimity among estate agents and conveyancers. For example, one estate agent told news outlets that “the slowdown has come with a thud. At the beginning of the year we were seeing movement but over the last few weeks there has been a change in the mood.”‘

And although official house price figures might look good for those who already have a foothold on the property ladder, they are likely to make for more unpleasant reading for those who hope to become first-time buyers. Annual house price inflation during 2014 was at 10.2% in England, 5.5% in Scotland, and 4.9% in Northern Ireland and 4% in Wales.

For information and advice regarding property sales and purchases Healys LLP residential conveyancing solicitors.