Property sales fall to lowest level for a year

But an unexpected surge in interest from potential homebuyers in December bodes well for the house market this year, estate agents said.
The typical number of house hunters registered per branch in December was 294, 32 more than the average figure for November, with viewings continuing right up until the Christmas break, the National Association of Estate Agents (NAEA) found.

The percentage of first-time buyers also rose to 21pc, continuing the increase since this section of the market hit its lowest proportion in nearly three years last autumn, although first-time buyers made up a quarter of the market during the same period last year.

Read More - http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/9024366/Property-sales-fall-to-lowest-level-for-a-year.html

Pity the poor conveyancer

Dwindling fees, higher insurance premiums, a flat property market - but at least the public like their high street conveyancer.

The legal element of buying a house is regarded as a necessary evil, the part that always slows the transaction down. This isn't necessarily true, of course. But conveyancing is proving to be just as much of a pain to the legal profession as it can be to the public.

Back in the 1960s conveyancing accounted for around half of the profession's income; now it is probably less than 10%, even though most legal practices in England and Wales register at least one dealing at the Land Registry each year. The recession is not the only thing to blame. Lawyers have not been slow to undercut each other and drive down fees, especially with a growing number of volume conveyancing operations that are able to process straightforward transactions in a systemised, low-cost manner.

Article source - http://www.guardian.co.uk/law/2012/jan/19/conveyancers-struggle-to-survive?newsfeed=true

Number of CQS firms reaches 1,000

The Law Society has awarded Conveyancing Quality Scheme (CQS) accreditation to the 1,000th firm to enter the scheme.
Less than a year after applications opened, nine-partner Coventry firm Penmans today became the 1,000th accredited CQS firm, bringing the total number of law firm branches with the CQS mark in England and Wales to 1,548. Applications are outstanding from a further 579 firms.
Law Society president John Wotton said: ‘Reaching 1,000 in less than a year is a milestone that far exceeds our expectations, but CQS is not just about numbers. It is about setting the bar for conveyancing, rebuilding confidence among lenders and making it easier for homebuyers to identify genuine quality when buying or selling a property.
‘Recent developments elsewhere in the conveyancing market show that the Law Society is leading the way and that others are now following.’
The 1,000th CQS accreditation coincides with a YouGov survey, conducted on behalf of insurer First Title, which shows that consumers are generally happy with the service they receive from conveyancing solicitors, but were cautious about buying the service from big brands.
Wotton said: ‘Consumers clearly attach value to the services that a smaller firm such as Penmans provides.’

Article source - http://www.lawgazette.co.uk/news/number-cqs-firms-reaches-1000