With the year getting off to something less than a flying start on international stock exchanges due to tapering consumer excesses and the sub-prime fallout, the GhostDigest decided to canvas your views on what 2008 holds for the property market in general and the conveyancing profession in particular. To get the ball rolling, a quote from Tony Clarke, the Managing Director of Rawson Properties, "ABSA reports a drop in house price growth over the last year to 9,6% - a level last seen in May 2001. There has also been a decline of approximately 20% to 30% since April last year in the number of units sold. The number of home loan defaulters is also up some 30% on a year ago."
"Taking all these factors into consideration," says Clarke, "it is clear that we are now looking at a year in which property will be more difficult to sell and will increase in value at a slower pace".
So then, if you have any thoughts on the following issues please submit them via email to [email protected]
- Your views on the property market, the different segments (housing, business) and their prospects.
- How the drop in house price growth, reduced sales and suchlike will affect the conveyancing turnover and profit margins of law firms.
- What steps conveyancers will take as a response to the changing environment.
- The effect on banks, mortgage originators, estate agents and other participants in the property industry. LI>The impact of the National Credit Act.
- The discounting of fees.
- The Legal Charter and BEE implementation.
- Threats/prospects for the smaller attorney firms - such as greater specialisation.
- The role of IT in the firm of attorneys such as the adoption, upgrading and use of new software.
- Internet and Web2.
- Any other relevant topics and opinions which you would like to raise or express.