SearchFlow comments on Bank of England reduction of base rate to new record low of 0.25%

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5 August 2016


Searchflow 200x200Commenting on the news, Greg Bryce, managing director of SearchFlow, comments:

“There have been many encouraging signs that the property market is in a strong position to withstand any uncertainty surrounding Brexit and this has been supported with the Bank of England revealing that transaction levels have been resilient over the last month.

This sentiment is reflected within the conveyancing industry, our latest conveyancing survey reveals that the clear majority, 60% of respondents, believe that transaction level will stabilise, 20% believe it will increase by 1-10% and 14% of respondents believe it will increase by 11-20% in the next three months. Only 6% believe that the transaction level will drop further.

“Even though house prices are widely predicted to cool, investing in property will become even more enticing, as today’s rate cut translates into cheaper financing. With banks such as Barclays and Santander already confirming that they will cut SVR by 0.25%, first time buyers will also be encouraged to enter the market.

Recently it was revealed that the number of people that own their home has stopped reducing for the first time since 2003 and there has been a surge of interest in property purchases from foreign investors.

These factors combined with record low unemployment levels, and demand outstripping housing supply, the housing market is in a very strong position to withstand any turbulence over the coming months.”

 



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Joint (ad)ventures in the legal sector

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We all know that nothing in life is certain. As the actor, director and philosopher Clint Eastwood once said: “If you want a guarantee, buy a toaster.” He also said he’d tried being reasonable and didn’t like it. They should teach this kind of philosophy in law school. One thing in life is reasonably certain though. If you’re a law firm worth your salt, at some point you will be approached by another entity (most probably a work introducer) with a whizzy idea to ‘partner’ with you to ‘help you accelerate your growth’. In commercial speak this means, ‘we’d like to keep feeding you work but we’d also like to share in your profits’. The arrangement may be pitched to you as a joint venture – a win-win no less.

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