House buyers return in record numbers

Buyer interest in the housing market has recorded its strongest growth in five years.

The number of buyers registering with estate agents grew by 18pc in February, the highest figure since a 23pc rise in February 2007, Hometrack said.

But much of this was an "artificial boost", brought about by first-time buyers trying to beat a stamp duty holiday, the study said.

Despite the "seasonal pick-up", house prices remained flat for the second month in a row, with Greater London the only region to record any increase, a 0.1pc rise.

Estate agents and lenders have reported increased interest from first-time buyers as they rush to complete deals before the two-year stamp duty holiday for this sector of the market ends in March.

The greatest increases in first-time buyer numbers were reported in the South East, where they were up by 28pc, and the South West, which recorded a 22pc rise.

Article source - http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/9107765/House-buyers-return-in-record-numbers.html

SLC launches consultation for its lender panel solution

Following an initial preview of its lender panel proposition - SLC Quality Assured - back in November 2011, the Society of Licensed Conveyancers (SLC) has launched a consultation process.
Licensed conveyancers are invited to provide feedback on the solution currently proposed, so they can help shape the scheme, before it is launched later this year.

The SLC is launching an online survey among the conveyancing community this week, which will be distributed via the Council of Licensed Conveyancers (CLC). The survey will ask licensed conveyancers to submit their views on a number of aspects of the new SLC Quality Assured scheme – from proposed costings to the sharing of information and their desire to be part of the scheme.

Feedback

Feedback obtained from the survey will then be collated and presented back to the profession at a series of four regional meetings, which will be held across the country in March.

At each of these sessions, licensed conveyancers will be given an opportunity to express their views on the findings and to voice any additional concerns, ask questions and make suggestions.

The consultation process, which is due to be complete at the beginning of April, will allow the SLC and the CLC to refine what will become the final version of the lender panel solution, before taking it to lenders in the spring.

Read more - http://www.mortgagefinancegazette.com/legal/slc-launches-consultation-for-its-lender-panel-solution/

House prices edge up in January as first time buyers increase

House sales in the West Midlands edged up during January as an increased number of first time buyers looked to beat the stamp duty holiday, according to the Royal Institute of Chartered Surveyors .

Some 35 per cent more surveyors across the region reported rises rather than falls in newly agreed sales since the beginning of the year, according to the latest RICS UK Housing Market survey.

From March 24, first time buyers will no longer be exempt from stamp duty on properties under £250,000 and some surveyors note this has produced an increase in activity at the lower end of the market.

In light of this, respondents in the West Midlands were cautiously optimistic about prospects in the near term, as a net balance of six per cent of surveyors predicted transaction levels to pick up over the coming three months.

This represents the strongest reading since August 2010.


Read More http://www.birminghampost.net/birmingham-business/birmingham-business-news/other-uk-business/2012/02/14/house-prices-edge-up-in-january-as-first-time-buyers-increase-65233-30328296/#ixzz1mMz033vd

Liverpool lawyers warn: tax relief to expire for first time buyers

Property solicitors are warning that first time buyers will no longer be able to take advantage of stamp duty land tax relief from next month (March).

Leading conveyancing lawyers at Merseyside firm Maxwell Hodge are advising that any transaction with an effective completion date of 25 March 2012 or later cannot benefit from First Time Buyer SDLT relief, irrespective of the date of any contract or agreement.

Maxwell Hodge’s residential property and conveyancing specialist Daphne Bridson says: “Time is running out for first time buyers to take advantange of stamp duty land tax relief, which can make a real difference for people trying to get their first step on the property ladder.”

Read More - http://www.clickliverpool.com/clocked/celeb-stories/1215196-tax-relief-to-expire-for-first-time-buyers.html

Conveyancers face a rocky ride

Lenders’ panels lie behind one of the many challenges conveyancers will have to tackle in a year that looks like it will be the most demanding in a long time. And technology is another issue that could make or break solicitor firms.

It is difficult to believe there has ever been a more challenging time for property lawyers engaged in conveyancing. The market is operating at volumes that are less than half the accepted norm, the provision of the Legal Services Act - the so-called Tesco’s Law - is now a reality and mortgage lenders are adopting various ways of more closely managing the panels of conveyancers that they will allow to act for them.

Read More - http://www.mortgagestrategy.co.uk/lendingzone/conveyancers-face-a-rocky-ride/1045255.article