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After a number of months of property prices soaring through the roof and the potential of a property “bubble” happening, this recent article in The Telegraph reflects the number of instructions I am receiving for residential conveyancers and explains why there are slightly less instructions compared to 6 months ago.
Chantel Gallagher, Consultant with BCL Legal in Birmingham offers her opinion on why the property market has slowed down.
After months of receiving numerous instructions from a variety of clients across the East/West Midlands it is interesting to see that the majority of instructions are now coming from the volume providers. This could be for a various reasons, high street practices have recruited the conveyancers they need and no longer require additional staff, the introduction of the Mortgage Market Review (MMR) which seems to have slowed down mortgage applications or it could be because the law society are introducing The Conveyancing Portal which will have an affect on smaller practices who do not meet or pass the due diligence stage which is in line with the CQS.
The below article details how the introduction of The Conveyancing Portal will have an affect on private practices by the end of the first quarter of 2015:
The introduction of the portal means that firms will have to be more specific in who they recruit as all conveyancers including solicitors, paralegals and legal executives will have to have passed the due diligence stage to get access to the portal, which then will have a knock on affect on recruitment as there will even fewer conveyancers on the already candidate short market.
The next 6-12 months are going to be interesting to see if the introduction does have an affect on the property market as a whole, whether this be housing prices freezing, the market slowing down or seeing less instructions.
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