As people look to save money where they can on conveyancing solicitors, Essex homebuyers might be tempted to take the DIY approach, but is that a good idea?
According to a recent study, Essex ranks second in the UK for home ownership, so for conveyancing solicitors Essex represents a target rich environment. But how long can this booming market continue and what should people consider when managing a house sale?
While many predicted doom and gloom for the conveyancing sector with the arrival of the pandemic, the last two years have seen demand push towards record levels. A booming housing market, driven by government support such as the stamp duty holiday, saw the number of people looking to buy a home shoot up.
Despite predictions of a slowdown in the second half of the year, prices have continued to rise in 2022 with Essex being one of the hottest markets around. Recent research drawing on data from the Office of National Statistics found that Essex ranks second in the country nationwide for home ownership rates. In terms of the number of people who own their own home against those who rent, it out-performs the likes of Berkshire, London and Surrey.
Unsurprisingly, therefore, the conveyancing market is also on the up. A report into the first quarter of 2022 found that it was the busiest year on record for conveyancing solicitors. Essex – given its high percentage of homeowners – is particularly attractive with a wealth of deals available, but there are clouds on the horizon.
Historically speaking, the property sector has shown a remarkable ability to defy gravity over the years. Come rain, shine, recession or pandemic, the UK property sector has kept going up and up. However, 2022 could be the year when the market wakes up to reality. The cost of living crisis and inflation rates which are pushing up towards double figures are putting a huge squeeze on personal budgets.
Until now, the market has been supported by a lack of supply and the continued enthusiasm of buyers to get onto the property ladder. However, that calculation is being stretched to the limit. Finances are coming under pressure and more and more people are struggling to make the money add up.
That’s not to say people will abandon the market. Rising rental prices are still driving people to do everything they can to make it work. However, to do so, many are having to cut corners and make sacrifices.
It’s not just a case of finding the money to afford the purchase price, and secure a mortgage. It’s also about all the other issues which come with buying a house such as conveyancing fees. That pressure can see some people trying to save a bit of money by doing this themselves. When it comes to conveyancing solicitors, Essex house buyers could soon be trying to take more of the work on themselves.
That creates a challenging. Handling conveyancing can seem like a good way to save money, but it involves a huge amount of time and effort. Having a non-expert handle this increases the risk of errors which could cause added expense and throw deals off course. As much as we can all be tempted to save money, conveyancing solicitors are every bit as vital now as they always have been.