Residential conveyancing news: House price recovery ‘will be slow’

Posted 19/10/2010

Anyone intending to buy a property may wish to consider seeking a residential conveyancing solicitor to do so now if they have the available funds.

A new report from Ernst and Young predicts that while there is not likely to be a double-dip recession in the UK, house prices will see a “soft patch”.

The Item Club publication stated that property prices will fall by five per cent this year and next before beginning to climb thereafter.

It added: “The recovery will be slow, as the economy begins to strengthen and credit conditions gradually thaw.”

However, the Item Club acknowledged that the economy is currently very hard to predict.

This could be positive news for first-time buyers who have the money they need for a deposit, as it may enable them to buy a home at a more affordable price.

Earlier this month, Lorna Bourke of CityWire said now could be a good time for people living in leasehold properties to renew their contracts with the help of a residential conveyancing solicitor.