Legal News

A difficult property market is going to see further stall in sales as there has been a lot of mis match on the opinion gap about the realistic prices in the tough economy a study by property search website Rightmove has found.
The different opinion polls and views is going to see house buyers and sellers stuck on their positions in the coming months the study has suggested.
Half of people planning to buy a home in the next year feel prices in their area were still above the reasonable levels, despite the weakness of the market, researchers found.
But only one third of sellers see it in the same light and 56 percent of them say their biggest concern was that they were not getting sensible offers which could be considered.
Though the property market is very sluggish house prices in UK were still going at five times that of earnings, if compared to the longer term average over the last 30 years which was closer to four times, according to research from Nationwide.
The rents have also shot up making it difficult for first time buyers to get on the property ladder as they are not able to raise deposit or meet the lenders demand criteria which have tightened due to the current economic downturn.
One of the beliefs being held for people living in London who found the prices still high was because there was a heavy overseas buyer interest in the London properties almost 65 percent had said that.
They were closely followed by people in the South East, where 56 per cent of people held this opinion.
People living in Northern Ireland, where house prices have declined sharply following a period of rocketing prices before the financial crisis, were the least likely to believe they were unreasonable, with just a fifth of people agreeing this.
Despite the differing opinions, those surveyed tended to believe that house prices will not drop as a result.
Seven out of 10 people out of nearly 40,000 home movers in the UK-wide study conducted last month said they expect house prices to be the same or higher in a year's time while only 24 per cent thought prices will be lower.
A fifth of those who thought prices were set to rise said that this would be driven by 'overpricing' by estate agents and sellers.
Miles Shipside, director of Rightmove said that unless both parties were able to bridge the price gap, then a stand-off situation got in the way of more successful sales.
Naturally, sellers have an interest in standing their ground in order to achieve the best price but in the current housing market, where sellers outnumber successful buyers by around two to one, sellers need to lower the price or increase the perception of value to avoid being outflanked by their competition.'
Some 32 per cent of people in Scotland thought prices are above what is fair, as did 43 per cent of people in Wales.
In England, people in the East Midlands were the least likely to think that prices are too high, with 38 per cent holding this opinion.