X-Press Legal Services predicts 2024 will see the UK’s love affair with property continue to flourish.
Despite no huge wins for the property sector in the Autumn Statement, X-Press believes house hunters will remain undeterred by challenging market conditions as we enter the New Year.
“It’s going to be another interesting year for the property sector, particularly with a looming general election,” commented Lynne Lister, managing director of X-Press Legal Services. “But I foresee little change in the busy conveyancing market, as our love affair with property ownership persists and prices continue to fall. The most evident shift will be the continued sale of buy-to-let properties by landlords due to looming tenancy reforms, high mortgage rates and increased tax bills. The availability of rental properties will continue to reduce next year however, those properties will be reabsorbed into the market through either sales or repossessions creating transactions that will keep local conveyancers busy.”
X-Press Legal Services works alongside solicitors and conveyancers to swiftly provide property searches and reports. For homeowners the message from X-Press is to be realistic about property values in 2024 and protect themselves from risky purchases:
“One thing I would urge all house hunters to do is utilise little known tools such as Home Risk Reports which provide instant data on a property’s risk level for common issues such as flooding, contamination and ground stability,” continued Lynne. “This enables buyers to make a swift decision on whether to commit to a purchase before starting the formal buying process.
“I would also always recommend instructing a local solicitor or conveyancer who will have in-depth knowledge of the area in which you are buying and will work hard to keep your transaction moving.”