Both buyers and Conveyancing Solicitors have reason to be optimistic, after data from the Land Registry‘s House Price Index for last month indicates that house prices have dropped by 2. 2% since May 2010 throughout most of England and Wales. The most significant decline has been in North East England with a drop of 6. 9% and a fall of 5. 6% in Wales. As expected, London has been an exception to the trend with a 2. 9% increase in prices.
Selling your home in current market conditions can be a difficult task depending on both your approach, and how desperate you are to move. As the markets continue to plummet, it is all the more essential to seek the assistance of a Conveyancing Solicitor to act on your behalf at the earliest point of the transaction.
‘Gazundering’ is a common occurrence in a falling housing market and occurs when a buyer demands a price reduction at the last minute in the transaction. Offers are not legally binding until the exchange of contracts, so either buyer or seller can withdraw, demand an increase, or reduce an offer.
The solution? The best way to avoid losing out is to instruct an experienced Conveyancing Solicitor able to anticipate the effect market trends might have on the other side's behaviour, and who will ensure that the Conveyancing process for your sale is not a long, drawn out process taking months to finalise.
The average price for houses in England and Wales as of May 2011 is £161, 823. While this may be good news for buyers, it does not have to be all doom and gloom for fast-acting sellers.
Fridaysmove offer fixed low-fee Conveyancing, and our recommended Solicitors cover many of the areas throughout England and Wales. For more information and to instruct a Conveyancing Solicitor today, call us on 0330 660 0286.