Users of conveyancing services ‘may benefit from fall in property prices’

Posted 27/09/2010

New data revealing a fall in house prices could be good news for people using residential conveyancing services.

On Monday (September 27th), a report from Hometrack stated that property prices had dropped across all regions of England and Wales for the first time since April 2009.

Responding to the figures, chief executive of Firstrung Paul Holmes said the decline could be attributed to a lack of affordable mortgages, which is helping to create a “perfect storm” for the UK housing market.

“The credit isn’t there and what is there is either too expensive or requires too big a deposit,” he commented.

Mr Holmes, whose company works to provide buying solutions for first-time buyers, predicted a ten per cent fall in house prices over the next six months.

According to the Hometrack survey, the number of prospective buyers registering with property agents has fallen by 6.5 per cent over the last three months.