Every year, there is always a new trend that comes into prominence in conveyancing. With the continual changes and innovation, it can be difficult for lawyers to keep up with all the latest updates.
The property market in York is booming. The recent influx of investors has resulted in a surge of new developments, with many developers keen to cash in on this trend.
In this article, we look at the top trends in the conveyancing property market in York:
1. The rise of Buy-to-Let Investors
Nearly 30% of all homes in the UK belong to investors. The rise of buy-to-let investors has seen a significant increase in the number of people looking to invest in property.
The majority of this is because many people find it difficult to get on the housing ladder, while others simply want to make extra money from their homes.
2. The Growing Interest in Shared Ownership Schemes
Many first-time buyers have been put off by high deposits and/or high monthly repayments, especially if they only start with low salaries or don’t have much home equity.
Shared ownership schemes offer an opportunity for first-time buyers to get on the property ladder without putting down large deposits while still enjoying some help through tax breaks and other financial assistance.
3. Increasing Demand for Second Homes
The demand for second homes is growing rapidly, particularly in the York region. That is no surprise to many who have purchased a property they intend to live in for at least part of the year.
There are many things to consider when looking at buying your first home or a second home in York. The main thing is that you need to keep in mind your financial situation and what you can afford to pay.
Also, it is crucial to take the assistance of conveyancing solicitor services in York to get the best deals on your property buying or selling.
4. Rise in Competition
The conveyancing market in York is seeing a rise in competition, with the number of firms selling homes increasing.
With more people looking to rent rather than buy, there has been a significant increase in property searches for rental properties.
It is not just because of the recent housing crisis but also because more people now want to move up from their current homes and are looking for bigger spaces.
5. More International Buyers Accessing the Market
International buyers are becoming more prevalent in the York property market. That is particularly true of first-time buyers and couples, who are increasingly looking to relocate to the UK capital from abroad.
If you want to sell your home abroad, you should know that it can take as little as 30 days for an agent to organize your sale. The process starts when they receive your offer; they then contact their local agent, who will get back to you within 24 hours or less.
6. Increase in Digital Technology
It appears that digital technology is here to stay within this industry and will continue to grow in popularity over time.
In addition, this can be evident through the growing number of companies offering digital solutions such as document scanning and storage across the country and through new software solutions developed by some companies.
In Summary
Conveyancing trends have been mostly positive, and York, in particular, has benefited from a vibrant residential property market.
However, given that this is a cyclical market, we can expect to see an increase in the number of homes sold in the coming years.
We hope all those selling properties will take the time to seek independent legal advice and ensure they understand their rights and responsibilities throughout their transaction.