The festive period is always frenetic for a property lawyer as the (fake) deadline of Christmas looms. This year we have the added problem of another deadline in the general election on 12 December.
It is no surprise that mortgage approvals have declined, as reported in The Times. Economic and political uncertainty can mean all but the most imperative decisions go on hold. Moving house is certainly one of the bigger decisions we make. Despite the resi decline we are as busy as ever with commercial real estate transactions.
Although volume and the future pipeline is steady we cannot help but notice that, as the vote gets closer, the pressure is ramping up to get deals over the line before Friday 13th. Frustratingly the urgency is not always shared by both parties and we appear to be entering a holding pattern in the last week of campaigning.
It might well be unlucky for some if the vote does not go the way they want and deals fall over in the aftermath of the election.
The flip side is that the "right result" might mean pent up demand could result in a festive bounce and some extremely busy lawyers in the post election pre Christmas window. Or for once I may have my presents wrapped before Christmas Eve...
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