Perhaps it is only a matter of time before residential conveyancing solicitors become exclusively used solely by the buy-to-let investor.
This, it would seem, is the outlook provided by a recent survey by Halifax which looked at the property aspirations of young people in the UK.
According to the mortgage lender, more than half of all young people living in rented accommodation (56%) had no plans to become active in the property purchase market, with only 43% saving for a deposit.
However, perhaps the most stark statistic taken from the survey is the 82% of people living in London who say that they will probably never be able to own a house, and given that the average property price in London rose by 17.4% last year, they may well be realistic in thinking that they will never need the services of a residential conveyancing solicitor.
“While there has been an increase in first-time buyers in the last 12 months, at the same time there is also a growing group of young people who believe they won’t be able to get a mortgage,” commented Craig McKinlay, Mortgages Director at Halifax.
He added, “This difference between the reality and their perception needs to be addressed urgently if we are to prevent people from giving up on getting on the housing ladder.”
However, interested parties will not yet be fooled into thinking that the house sales market is dead, just look at the speed with which well-priced properties move from the estate agents’ marketing sheets and you will soon see that buying and selling of family homes is still, for the time being, alive and thriving.
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