Destination Southend as home buyers look to the seaside
A desire for fresh air and a sea view is driving many buyers towards the coast, which means demand for conveyancing solicitors in Southend is likely to rise.
According to data from Rightmove, coastal cities are showing the biggest price rises, all of which will be good news for any conveyancing solicitors in Southend on Sea which has been one of the top performers. Even so, clouds are gathering on the horizon as home buyers struggle to manage a complex market and growing delays.
A booming market
According to the data, Southend saw a 13% rise in price rises putting it third on the list behind Truro in Cornwall at 14% and Bath at 15%. Plymouth and Gloucester round off the top five at 12% each.
The data confirms that the so-called ‘race for space’ after the pandemic is continuing. Southend, more than most places, has been perfectly placed to capitalise on this trend. With a prime coastal position, it is also just a short train ride from London – perfect for commuters who want some space, but still need to go back into the office from time to time.
Trouble ahead
This booming market is making things more complicated. Firstly, more homes are qualifying for stamp duty. Data from Zoopla suggests 4.3 million homes have been pushed into a higher tax bracket since March 2020. However, surging demand is also creating record delays with home buyers having to put up with 135 day delays. The average wait to buy a home is now 48% longer than in 2007.
Moreover, there are signs that the house price boom may be coming to an end as the cost-of-living crisis finally bites. A survey from Nationwide suggests nearly nine out of ten potential home buyers
have seen their ability to raise a deposit hit by the cost of living crisis. So far, limited supply has kept demand high. Home buyers are still prepared to stretch their finances further rather than get out of the property market altogether. Nevertheless, it is likely that the time will come when the property sector runs out of fuel.
In this environment, solicitors have an important role to play. Delays can cause frustration, while more and more buyers will be stretching their finances as far as they can. In a world in which budgets are stretched further than ever, the need for good quality legal advice has seldom been greater.
In a world in which every part of the economy is likely to become more volatile, conveyancing solicitors in Southend on Sea find themselves with an opportunity to play a critical role in making sure the process runs as smoothly as possible for all parties involved.