Lamport Bassitt Solicitors - Legal News - Residential property conveyancing takes a knock as house prices fall


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Residential property conveyancing takes a knock as house prices fall The residential property conveyancing market is struggling to recover from the downturn, new figures from the Land Registry indicate. Average house values slipped back 0.8 per cent between January and February to £162,215, marking an annual decline of 1.7 per cent. Despite the falls, the prime residential property convayncing sector may have seen an upturn in the last year. Prices in London bucked the trend, rising by 3.2 per cent, while the number of transactions involving houses of over £1 million rose three per cent between December 2009 and 2010. Overall completed house purchases in England and Wales dropped 30 per cent from 78,438 to 54,812 over the same period. It comes after the Council of Mortgage Lenders (CML) reported that house purchase lending in February remained broadly unchanged from January. CML chief economist Bob Pannell said, however, that the housing market "remains stuck in a rut". Posted by Alex McLean Related Articles: 17/5/2012 - Discussing death remains taboo as wills and inheritance tax planning suffers 11/5/2012 - Queen's Speech legal reforms welcomed 4/5/2012 - Create Lasting Power of Attorney before it's too late 2/5/2012 - Support for will writing regulation grows 25/4/2012 - Inheritance tax planning could net �450m a year in savings More Individual Legal Services News