Southampton
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Previous Events
Key points raised from the Summer Series included;
Topic 1 - There is a general desire for everyone in the industry to join up the dots in the process when working with each other. Look at how the industry seems resistant to change and introducing technology that increases efficiency – what can be done to improve this?
- There are still many in the industry that are old school and prefer paper files. This is seen as a barrier to the advance of technology in law firms where there is a mix of young and older fee earners.
- The younger consumer doesn’t necessarily understand or care about the knowledge or the intricate process.
- Technology can deliver time-saving solutions, support the process and can be an enabler BUT does not replace legal expertise in terms of quality of service and advice provided to consumers or manage expectations.
- Pre-technology, transaction would generally take 4-6 weeks with fee earners having smaller caseloads of 50 matters. Currently at around 16-18 weeks with fee earners often looking after 110-150 matters.
- Delays are often caused by lenders who continue to use a mix of paper and electronic processes.
- Overall visibility of the sales progression chain is a good concept but expectations need to be managed.
Topic 2 - An average of only 307 Affordable Homes per year have been built by Southampton City Council in the last 9 years. Affordability is a real challenge for potential first-time buyers. What impact is this having on the Southampton property market?
- There is a question over the definition of “affordable homes”.
- There is a significant increase in gifted deposits to assist millennials and younger buyers.
- There is a demand for Buy-to-rent, giving more flexible housing, quicker moves and less commitment.
- Rising property values alongside an inability to save deposits, due to huge university debts and loans to be repaid, gives first time buyers little choice in finding a home.
- Recent government interference in the rental market is intended to bring in more institutional investors providing capital, as they are unable to effectively regulate the private rental market. A comparison was made to Germany where the most housing is rented.
- The Post war model of home ownership is broken – millennials have different aspirations.
- There is real concern over the likelihood of paying back Help to Buy loans and the re-sale potential of new homes when competing against other newer developments .
- There is peer pressure for young people to aspire to home ownership.
- University cities should encourage knowledgeable students to stay.
These events are exclusive, if you would like to recommend a friend to attend please contact Hannah Dukes on:
0800 840 5571 hannah.dukes@tmgroup.co.uk
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