Property Market appears robust

Two bits of good news recently suggest the demand for conveyancing skills is going to continue for the foreseeable future.     

According to the latest First Time Buyer Tracker from Your Move and Reeds Rains sales to first time buyers hit a post-recession record 29,700 in July which was the highest number since August 2007. July’s average first time buyer purchase price was £161,985 and the deposit was up 10% annually at £27,975.

Mortgage approvals in July were also up hitting their highest levels since February 2014. Driven by renewed confidence and the desire to secure the best deals before any rate rise lending for house purchases hit 68,764 in July which was over £1 billion more than in May.

Housebuilders have been capitalising on demand over the last 12 months. Redrow announced it has broken the £1 billion turnover mark which was the first time ever in its history. They completed on 2,022 houses and recorded profits of £204m which were also a record. That followed Persimmon’s half year update announcing revenue of £1.33bn for the 6 months to 30th June 2015 with 6,855 sold and profits before tax increasing 31% to £272.8m

Demand for conveyancers is strong across the country. According to our research legal professionals begin to get itchy feet around the 3 year mark with the main motivator for a change being progression and better quality of work/opportunity.     

Check out our current opportunities here or for an overview of the conveyancing recruitment market please get in touch.