Blackstone’s Property, Litigation and Family Law Roundup

This month’s roundup includes news of a continued rise in the number of mediations over the past few years, house asking prices rising to new levels and a new survey indicating that family homes are being sold in around one-third of divorces involving people over the age of 50.

Mediation numbers continue to climb

The number of mediation cases, both civil and commercial, seen across the UK has continued to grow over the past few years. This is according to the seventh mediation audit from the Centre for Effective Dispute Resolution, which revealed the number of cases increased by 5% to reach 10,000 between April 2015 and March 2016, climbing from 9,500 in 2014.

Despite the upturn, the research showed that the rise was slower than in previous years, with the number of mediation cases increasing by 9% between 2012 and 2014 and by 15% between 2010 and 2012.

The findings also pointed to a considerable rise in mediation fees since 2014, with experienced mediators typically charging £4,500 for a one-day mediation – a climb of 18% – and costs for less experienced mediators growing by 9% to reach £1,545.

House asking prices reach £308,000

Asking prices for houses in England and Wales have climbed to a record high, new research from property website Rightmove has shown. The findings revealed that prices have jumped to more than £308,000 for May, representing a hike of more than 18% over the last year.

Month on month, the average price of a property becoming available to the market has increased by £1,118. The biggest increase was seen in Croydon, south London, where a price surge of 18.6% for first-time buyers over the past year, reaching £244,310, was recorded.

The climb has come despite the introduction of a three percentage point stamp duty hike for buy-to-let investors at the beginning of April. Miles Shipside, Director of Rightmove, said: “Estate agents have been focused on getting investor sales through to completion before the tax hike, and some may have been surprised by the continuing momentum and scarcity of stock to meet demand.”

1/3 of divorces for over 50s ‘result in family home sale’

The family home is sold off in almost one-third of divorces involving couples over the age of 50, new research has shown. According to the figures from Nationwide Mortgages, 28% of over 50s who have been through a divorce have ended up selling the home in which they used to live together.

It was shown that around 8% of divorcees aged 50 and over moved into rented accommodation following the separation, while 13% downsized to a smaller property.

The survey also revealed former partners are increasingly splitting their belongings, with 24% sharing savings and 21% sharing furniture, while 3% have even shared ownership of pets.

 

Authored by Rebecca Dutton Posted in News Tagged as