Conveyancing Specialist Comments On New Research

New figures which show that mortgage lending rose during September could prove to be good news for those looking to sell their property in the final months of this year, a conveyancing expert at Irwin Mitchell has suggested.

According to the latest statistics from the Council of Mortgage Lenders (CML), lending across last month grew by four per cent to £12.9 million when compared to 12 months earlier. The statistic was marginally down from the two-year high of £13.1 billion reached in August.

In addition, the CML research revealed that lending across the third quarter of this year reached £38.6 billion, which was up around 15 per cent from the previous three months.

Commenting on the trends, Lisa Shenton, a Partner and head of Irwin Mitchell’s Conveyancing team, said: “While conditions in the property market remain difficult, the past couple of months have provided some positive news for those looking to sell their homes and make a move on the housing ladder.

“Given the economic backdrop, it is unfortunately not easy to predict how trends will continue over the next few months, but these figures do indicate that more people have been preparing to purchase property. 

“First time buyers  looking to buy properties under £250,000 are also aware that the stamp duty relief expires on 25 March 2012, so they will need to get offers accepted over the next few weeks if they want to be sure of beating the deadline.’’