The property market in the Ilkley area is experiencing less of a slowdown than many other parts of the UK according the residential conveyancing arm of a Yorkshire law firm, which is still working on high numbers of transactions in the local area.
Tracey Lynam, a licensed conveyancer from LCF Law's residential’s Ilkley office, said: “It’s no secret that both house prices and sales activity in the property market are under pressure, predominantly due to rising interest rates pushing up the cost of borrowing.
“However, the Bank of England’s recent decision to hold the base rate at 5.25% was a relief for mortgage holders and fuelled optimism that the market could see an autumn pick-up.
“We work with homebuyers, sellers and estate agents throughout Yorkshire and beyond, as well as with nearly every UK mortgage lender, across all price brackets.
“Although it’s certainly true that the market has been more subdued during 2023, and especially in comparison to the furore that we’ve seen in recent years around the pandemic, it’s not all doom and gloom.
“Around Ilkley there has been less of a slowdown than in many other parts of the UK. Homes here are still selling and from what we’re seeing, interest rates are having less of a negative impact the higher up the market you go.
“We’re still working on high numbers of transactions in the local area. In the same way that it’s often said when market conditions become sticky that a good estate agent really adds value, the same can be said for a premium legal service.
“We value customer relationships so ensure that we are up front with clear and simple price transparency, which is important during uncertain economic times, when every penny counts. A local office and availability of a named point of contact is also of additional value in any transaction.
“A deep knowledge of the local market also means we can provide valuable insights about the property, helping clients make more informed decisions. Plus, in a slowing market, the risk of a property not selling or the deal falling through can be higher. We help to minimise this possibility by advising on contingencies, as well as identifying and addressing any possible hiccups before they arise.”