Legal Experts See ‘Encouraging’ 30% Increase In Completions
Levels of confidence in the property market increased this Spring with house prices and transaction levels showing an improvement on last year, according to legal specialists who saw completed sales rise by almost a third last month.
Irwin Mitchell’s Conveyancing team, which works on property sales across the UK, saw completion levels rise by 30 per cent in June 2012 on statistics from 12 months earlier, which also marked an increase of eight per cent rise on May 2012 figures.
The new figures have come days after the Land Registry published new statistics which revealed that house prices in May 2012 rose by 0.5 per cent from April and 0.4 per cent from 12 months earlier, with the average home in England and Wales now priced at £161,677.
Lisa Gibbs, head of the national team of conveyancing specialists at Irwin Mitchell, says such figures are an indication that confidence has improved in the property market this Spring.
She said: “While much of the commentary related to property remains cautious and often downbeat, we are increasingly seeing suggestions that go against the grain and show there is a cause for optimism in relation to the market.
“While the Land Registry’s latest figures have hinted at improvements in prices, our own experiences and work have also shown a dramatic uplift which goes some way to proving many homebuyers are feeling more confident.
“We have not only seen increases in the number of transactions, but also had the general feeling from estate agents we work with that valuations and instructions have been on the rise.”
Lisa added that despite the impressive rise in completions, there are still suggestions that buyers are showing restraint in their reaction to such market improvements.
She explained: “While there has been the increase in house prices, the relatively small shift suggests those looking to purchase a property are still showing some restraint in terms of what they are willing to pay.
“The market has been through a difficult few years so this level of caution is somewhat understandable. However, positive new figures like those seen in recent months are a step in the right direction and may be the push needed to encourage more people to enter the market.”