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21/07/2009
Property lawyers may be kept busy in buyers' market |
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The current residential property market remains a buyers' one, it has been stated.
Company director at the Little House Company Jane Marr said that the rising asking prices recorded in the latest Rightmove survey are not a sign of people being priced out.
She remarked: "Despite property prices having risen five times this year, it is without a doubt still a buyers' market."
The sort of figures being asked for now are generally in tune with what people are willing to pay, Ms Marr commented, adding that she expects to see activity in the market grow.
Such a situation could lead to more people needing to see a property lawyer about a transaction.
Sophie Breakwell, partner at William Sturges & Co said: "In such a market it is important for sellers to make sure that their solicitors have a complete set of information and documents for the property from the outset so that their solicitors can react quickly to any requests from the buyers' solicitors and an exchange of contracts can be reached quickly."
The Rightmove Figures for this month showed a 0.6 per cent increase in asking prices to an average of £227,864, cancelling out a 0.4 per cent drop last month.
A rise in supply was also recorded in the survey, with this month seeing over 21,000 properties coming onto the market - up 20 per cent on the average for 2009 so far.
Written by Pauline Adams
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