Conveyancing Lawyer Comments On Current Trends

The price of property in the UK rose slightly over the course of October, according to new figures released by Nationwide.

Statistics from the building society revealed that prices rose by 0.4 per cent in October when compared to the previous month, with the average home now being worth £165,650.

It was also revealed that the price of property increased for the first time year-on-year in six months, with a 0.8 per cent rise being recorded.

Nationwide’s research has come after figures from the Council of Mortgage Lenders revealed mortgage lending rose by four per cent across September, when compared to 12 months earlier.

Discussing the latest figures, Lisa Shenton, a Partner in Irwin Mitchell’s specialist Conveyancing team, said: “The very slight rise in prices might reflect the seasonal uplift in transaction levels during the summer months, but it is still too early to tell if this rise signifies any level of improved confidence in the market.

“November 2010 saw a year-on-year decline in transaction levels as the withdrawal of stamp duty relief in December 2009 led to an increased level of activity and the Autumn 2010 public spending cuts had a significant impact on consumer confidence.

“However, the run-up to Christmas this year may not see such a decline in buyers being found for properties, as first time buyers may be looking to make the most of the stamp duty relief which continues to apply until 24 March 2012.”