- Firm Not Experiencing a Slowdown in the Residential Property Market
Blandy & Blandy LLP has not seen a slowdown in the Thames Valley property market, despite an ongoing period of uncertainty owing to Brexit as partner Luke McMath, in our Residential Property team, explains.
In the previous quarter the firm has experienced an 18% increase in new conveyancing instructions (from home buyers, sellers and investors) versus the same period last year.
According to Rightmove, properties are currently taking longer to sell than a year ago, with buyers being more selective and demanding on price.
Simon Rubinsohn, chief economist at the Royal Institute of Chartered Surveyors, recently explained: “The latest RICS results point to housing transactions remaining pretty subdued over the coming months. Divergent regional trends remain very much to the fore with the market in many parts of the country still actually behaving in a solid if unspectacular way despite the downbeat headlines.”
According to RICS, sellers of more expensive homes in particular are less likely to achieve asking prices. Of the estate agents surveyed, 67% said the sales price achieved on homes priced at £1million or more was below asking price, whilst the figure was 56% of agents for properties listed between £500,000 and £1m.
However, figures released by the Land Registry showed that average house prices in England and Wales continue to rise and now stand at £243,339, a year on year increase of 5.3%.
Partner Luke McMath, based in the firm's Henley-on-Thames office, commented: "We have seen a positive and busy start to 2018, continuing the pre-Christmas trend. On the whole 2017 also compared strongly with the previous twelve months, despite the outcome of June 2016’s Brexit vote and the uncertainty that remains.
We continue to work closely with leading estate agents based in and around Reading and Henley-on-Thames, relationships that we value, to provide a highly personal service and to help ensure our clients’ sales and purchases proceed as quickly and smoothly as possible.”
Blandy & Blandy LLP’s Residential Property team received a regional excellence award for conveyancing at the 2017 national ESTAS Awards in London and is accredited by the Law Society’s Conveyancing Quality Scheme.
This article is intended for the use of clients and other interested parties. The information contained in it is believed to be correct at the date of publication, but it is necessarily of a brief and general nature and should not be relied upon as a substitute for specific professional advice.