2011 property sales will be lowest in 40 years

This year is set to register the lowest level of property sales in 40 years, according to Hometrack.

In its latest national housing survey, the firm says it forecasts 840,000 sales for 2011 and expects this trend of low transaction levels to continue into 2012.
The analysis shows that house prices fell slightly in November, by 0.2% compared to October, while the number of new buyers registering with estate agents decreased by 2.2%. Hometrack says demand from new buyers is likely to decline further in the run up to Christmas.
There was a 4.6% rise in the number of sales agreed, but the number of property listings fell by 0.8%, and the average time on the market rose slightly from 9.8 weeks to 9.9 weeks.
Hometrack says that low sales levels and increasing realism on pricing among sellers looking to move before Christmas are supporting headline indicators of housing market activity.

http://www.expertconveyancing.com

Read more - http://www.mortgagestrategy.co.uk/housing-market/2011-property-sales-will-be-lowest-in-40-years/1042236.article

Licensed conveyancers to launch lender’s panel solution

The Society of Licensed Conveyancers (SLC), the trade body representing the conveyancing profession, has unveiled its lender’s panel proposition.

SLC Quality Assured aims to reduce the risk of mortgage fraud for lenders who opt to use SLC's panel members, while allowing SLC member firms access to all lenders’ panels.

With mortgage fraud high on the agenda for lenders due to unprecedented losses, many are undertaking new measures to restrict those conveyancers accepted onto their panels. SLC Quality Assured is designed to help the licensed conveyancing community by ensuring they are part of any restricted panels.

As part of this new solution, the Council for Licensed Conveyancers (CLC) - the statutory regulator - will take on the role of gatekeeper, controlling panel qualification and providing lenders with the added assurance that all SLC panel firms are fully regulated and bound by a rigorous set of criteria.

Licensed conveyancers, licensed by the CLC, will be automatically ‘passported’ onto SLC Quality Assured and can apply to become panel members, which will activate the certification process.

Once activated, panel firms must register every new transaction with the SLC system, and information on the transaction’s progress will be made available to the lender at critical points throughout the process. This information will also be made available to the regulator.

Read more - http://www.mortgagefinancegazette.com/legal/new-lender%E2%80%99s-panel-solution-for-licensed-conveyancers/