Clarke and Son News

London and the South East of England will lead the UK residential property recovery with prices set to return to previous levels by 2012.

The research, according to consultants Savills, point to recovery in Scotland by 2012 with growth between 2008 and 2020 averaging 47%. But the North East of England and Northern Ireland will have to wait until 2016 before there is a full price recovery.

A recovery map of the UK has been produced by the company’s research department which forecasts the year in which values will have returned to 2007 levels region by region.

Head of Savills’ residential research, Yolande Barnes commented, ‘This property market downturn has affected virtually all property sectors and UK regions simultaneously but regions will vary far more when the upturn comes.”

She added, “The lack of turnover and new supply which is such a feature of this downturn will be likely to lead to sharp increases in value in high-demand, low supply areas. Competition amongst homeowners will once again lead to rising prices, particularly in those areas with higher levels of housing market equity and stronger household purchasing power such as London, the South East and Scotland.”

This is important information for those speculating as to whether to hold onto property rather than sell at the bottom of the market and to those property investors who want to take advantage of the downturn by buying at bargain prices.

It’s widely acknowledged that the current downturn is severe and will almost certainly last for at least another year.

Barnes added, “It’s been caused by the withdrawal of credit, not the withdrawal of long-term demand or by diminished purchasing power amongst owner occupiers. It is this that will shape the recovery when it comes. Although the credit crisis has affected all sectors and regions more or less equally and simultaneously, we will see a very different pattern in the recovery. Canny investors will take this into account now.”

If you’re thinking of buying or selling your property, contact Head of the Conveyancing Department at Clarke and Son Solicitors, Paul Cowdery. Either e-mail him or telephone 01256 320 555.

Clarke & Son LLP recently held a special cake sale in aid of their chosen charity, Great Ormond Street Hospital (GOSH). Giving her time freely, receptionist Lynn Tonkin made chocolate chip cookies, chocolate and coffee sponge cake, jars of marmalade and various tea loaves for sale to all staff.

Hannah Roberts of the Clarke & Son Social Committee, who organised the event, was delighted with the sale, “Lynn’s cakes were delicious and we raised £35.90 for GOSH, which is a great achievement in just one day.”

For further information, either e-mail Julie McKinney or Peter Turner direct, use our contact form or telephone 01256 320 555.

Clarke & Son LLP is participating in a campaign with Cancer Research UK to offer people over 55 the opportunity to get a FREE Will and leave a legacy to charity.

The Cancer Research ‘UK Free Will Services’ has been set up to provide easy public access to independent legal advice for will writing while also making it easier for those already thinking about leaving a legacy to charity in general or to Cancer Research UK specifically, to do so.

Roy Young, Clarke & Son says, “The Cancer Research UK scheme is an ideal opportunity for those over 55 who haven’t yet made a Will - and really should think about doing so – to benefit from both a free Will and also to give something back to charity if they so wish. At Clarke & Son, we are delighted to be able to support this excellent scheme as it enables us to give our expertise in aid of the charity.”

Potential clients who wish to make a Will should contact Roy Young as soon as possible as this is a time limited offer. The firm has been allocated a limited number of coupons from the charity on a first come, first served basis. Once they run out, the offer may no longer be available, so if you’re interested, please respond quickly.

For further information, either e-mail Roy Young direct or telephone Clarke & Son on 01256 320 555.

The Department for Communities and Local Government is consulting on two proposed changes to the information that must be supplied in a Home Information Pack (HIP).

The proposals are that each HIP should include a Property Information Questionnaire and, for leasehold properties, a summary of key information relating to the lease.

For further information, either e-mail Paul Cowdery direct or telephone Clarke & Son on 01256 320 555.