Home buyers market changing complexion

The complexion of the house buying market has changed significantly in the last five years, with more unmarried or same sex couples buying property.

A study conducted for Zurich Professional reveals that 52 per cent of solicitors reported an increase in the number of same sex couples buying property, and 46 per cent noted a rise in investors and unmarried couples.

In addition, 40 per cent of conveyancing solicitors said they had witnessed an increase in the number of single people buying property.

Conversely, 76 per cent of practices have seen a standstill or drop in the number of married couples as residential conveyancing clients.

Andrew Nickels, risk manager for Zurich Professional, commented: "The results are a fascinating insight into how the profile of homebuyers is changing."

The survey also revealed that nearly one in ten less experienced solicitors admitted they do not always check for conflicts of interest when advising co-purchasers.

"In 2004, 35 per cent of claims we received came from residential conveyancing so we are urging solicitors to make sure that they are checking for conflicts of interest when acting for co-purchasers and where appropriate ensuring that one, or more, take independent legal advice," Mr Nickels added.

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