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95% government backed mortgages….. are they going to save the day?

Over the last few months, nearly everyone has been discussing the government’s launch of the 95% mortgage. Is it a good idea or is it a risky plan that could potentially leave the tax payer vulnerable should the market suffer another downturn?

Cameron and Clegg’s strategy is a proposal to get the property market moving again; as it has been famously claimed it “will break the current lenders won’t lend, builders can’t build and buyers can’t buy cycle that is pervading the housing market”. But what will this mean for the conveyancing market? Are we, like Cameron and Clegg hope, going to see an increase in sales and purchases on new build properties which will inevitably lead to an increase in conveyancing requirements and therefore more jobs in the field? Alternatively, is it likely that what may actually happen is that first time buyers overextend themselves ensuing a rise in debt and bankcruptcy which, as recent history has demonstrated created the initial down-fall?

Clegg has commented that “With this strategy we will unlock the housing market, get Britain building again, and give many more people the satisfaction and security that comes from stepping over their own threshold. These plans are ambitious – but we are determined to deliver on them.”

If all the plans work, this means the Conveyancing world is going to see an increase in workload. With many of the volume conveyancers and larger private practice firms already witnessing a steady increase amounting to new hires, promotions and graduates choosing to look at a career in conveyancing, which has been unheard of over the last 4 years’.  This could mean that in 2012 and 2013 Conveyancers will once again be in demand which is going to lead to higher salaries and more potential in the market.

BCL Legal are finding that confidence within the conveyancing market is definitely on the increase. With some of the larger firms looking to hire at various levels and smaller, independent firms looking at Operation hires to increase efficiency and productivity within their conveyancing team – does this mean the dark days are over? I for one am very excited about what 2012 holds, it could be a busy year!

For more information please visit our website BCL Legal.

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