Solicitors expect the main threat to their industry in the next year to come from lenders’ panel selection decisions, a survey from SearchFlow reveals.
More than half of conveyancing firms (51%) believe the recent controversy over panel management has caused lenders to worry more about fraud, and this will have a potential impact on business levels. But at the same time solicitors report that despite initial fears ABSs have not made an impact yet, with the threat of competition from ABSs (14%) ranked behind a weak property market (22%) and the increasing cost of insurance (15%).
When questioned as to how they plan to adapt to the arrival of ABSs almost half of conveyancers (48%) said they would be making no changes to their business, with 15% saying they would be increasing their marketing spend. Only 12% said they would change their practice areas and just 10% said they would begin to offer fixed fees.
Read more - http://www.mortgageintroducer.com/mortgages/244351/5/Industry_in_depth/Panel_selection_greatest_threat_to_conveyancing.htm
Monday, 17 September 2012
Monday, 6 August 2012
UK House Prices Fall 0.7% in July – Nationwide
he latest report by Nationwide suggests that house prices in the UK have fallen by 0.7% in July. The year-on-year decline amounted to 2.6%, which is the most significant decrease registered since 2009.
The average house price in July was 164,389 pounds, which compares to 165,738 pounds a month earlier. House prices in the UK are currently 13% below their peak in 2007.
Commenting on the latest figures, Robert Gardner, chief economist at Nationwide, said: "UK house prices declined for the fourth time in five months in July...The weaker price trend observed in recent quarters is unsurprising, given the disappointing performance of the wider economy. Indeed, the UK economy has contracted by 1.4 per cent over the past nine months, and is now 4.5 percentage points smaller than it was in Q1 2008."
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