What is the current housing market climate like?

In the past 2 year’s it is estimated that 3 out of 10 homebuyers have had a house purchase fall through following acceptance of their offer to buy.

In the first quarter of this year around 20% of sales fell through rising to 29% in the second quarter. The main reason stated for this was due to the buyer changing their mind. However, in at least 16% of cases it was due to the seller renegotiating a higher sale price.

Continuing high demand in the market is spurring strong financial development, which means that sellers are tempted to seek alternative buyers who offer a higher price. This is bad news for buyers, who not only lose the prospect of a dream home, but are on average £3000 out of pocket due to survey, valuation and potential legal fees.

Aftershock of Brexit

The shock result of the EU referendum could signal further challenges for the UK housing market.

The plunge in the value of the Sterling means that both buyers and sellers remain indecisive, waiting for the uncertainty of the Brexit vote to dissipate.

Reluctance to engage in transactions will inevitably lead to a shorter supply of homes, in an ever-demanding climate. Banks are also expected to tighten controls on lending meaning a reduction in the number of mortgage deals available. Singapore Bank are the most recent to have halted mortgage lending in the Capital as a result of the referendum vote.

It could be that this is merely a blip in the market and the effects of the vote on the housing market are too premature to predict. National estate agents have noted that current deals still stand intact; though admitting London is likely to be hit harder than the rest of the UK.

What you can do to ensure your deal goes through?

In light of the current uncertainty heralded by the Brexit vote, there has never been a more appropriate time to ensure that the conveyancing process is smooth and stress free for you and your family.

The law society introduced the conveyancing quality scheme ('CQS') in 2014 with the aim to provide a conveyancing service which is trusted by both sellers and buyers. 

At Jackson Lees, our CQS accredited conveyancing team are ready at hand to minimise the hassle and risk of buying or selling a house, providing an effective and efficient service to the clients.

If you have any questions about buying or selling a house contact our conveyancing team today by emailing enquiries1@jacksonlees.co.uk