2015 was a good year. House prices rose 6.7% and gross mortgage lending hit £220bn, an 8% increase over 2014 and the highest seen since 2008. Law firms up and down the country were looking to recruit into their residential property teams and conveyancers of all levels of experience were in demand. Will 2016 continue the good fortune? Touch wood, it seems so!
Todays Conveyancer ran an interesting article this month stating 2016 got off to a bang with the highest level of gross mortgage lending for January in eight years! At £17.9billion, total lending for the month was 21% higher than the same month last year.
Take that 2015!
This buoyant mortgage market is attributed to a number of factors including low unemployment, real wage growth, the government assistance schemes and the fact there are now plenty of competitive mortgage deals available to us. All good news, but it does need to be tempered slightly, sorry!! The number of properties for sale on the market remains low and affordability is still a massive issue as we see house prices starting to spiral again. Volatile global markets, the impending EU referendum in June and the possibility of a Brexit plus forthcoming tax changes in the buy-to-let market all mean we need to remain cautious.
But that is by no means doom and gloom! Activity in the market is clearly sustained and is all part of the general growth we are experiencing in the UK as we head back to pre-2008 levels. Law firms remain committed to expanding their conveyancing teams in 2016. I manage a team of experienced consultants specialising solely in residential property vacancies across the East and West Midlands and Northern Home Counties. We are inundated with vacancies with well regarded firms, both large and small, who are all looking to recruit residential property lawyers into their teams. Whether you’re a junior paralegal with c6 months experience or a Head of Department dealing with residential and commercial property matters, firms are eager to recruit you.
If you are looking to recruit into your property team or are a property lawyer looking to make a move within the Midlands or Home Counties and would like a confidential discussion with a market expert, contact Joanne Lack, Manager of the residential property team at BCL Legal on 0121 237 5610 or email firstname.lastname@example.org