Law firm is bucking the housing market trend
A North East law firm says that it has seen a rise in property deals over the last year, in contrast to the doom and gloom reported elsewhere. Jesmond-based Mincoffs has released figures that state despite the ongoing recession in the housing market, its residential team has seen an increase of 34% in property deals compared to last year’s figures.
Contrary to reports that falling house prices and withdrawn mortgage rates are reducing property sales, Mincoffs is seeing a boom in the amount of buy to let investors buying and selling within their conveyancing department.
Una Coulson, Head of residential conveyancing, said: “It appears to be ‘buy to let’ investors who are buying privately from each other. When a vendor sells privately he does not need an Home Information Pack (HIP).”
Further evidence of the firm’s success during the market slump is seen in recent transactions with a total value in excess of £500 million.
Una said: “Whilst it might be true that London prices are falling that’s not what’s happening in the North East. The business community is increasingly frustrated with the current portrayal of the economy, which isn’t actually as bad as it is made out.”
This was posted in Bdaily's Members' News section by Ruth Mitchell .