NOTTINGHAM PROPERTY LAWYERS URGE CAUTION OVER RECENT HOUSE SALE SURGE

19/03/2010

Recent research has highlighted that national house sales have increased to the highest figures since March 2008, with residential property sales in Nottingham topping the UK table and the number of ‘sold’ signs in the county tripling in February – compared with January.

Yet Nottingham-based law firm Rothera Dowson is urging caution and warning that the housing market faces tough times ahead and is still some way off a full recovery.

Carole Fox, Head of Residential Property Department at Rothera Dowson explains: “Bad weather and the rush to avoid Stamp Duty at the end of December may have caused a dip in January’s sales, while the 0.3% growth which saw us rise out of recession in the last quarter of 2009 is most likely the result of the billions of pounds pumped into the economy by the Government. This will undoubtedly cause a domino effect within the housing market, with banks less likely to lend money to would-be home owners.

“We should of course welcome this increase in residential property sales in Nottingham but the news needs to be taken with a large pinch of salt, especially considering other reports indicate that the number of houses on estate agency books is at an all time low. I think it’s safe to say we’re not out of the woods yet.”