2015 saw a marked increase in the number of commercial property transactions thoughout the Wyre Forest area and both numbers of new enquiries and sales being arranged definitely were higher than 2014.

Having an in-depth knowledge of the local property market makes gaining instructions easier and having operated in this area for many years we know the local market conditions. The challenge used to be gaining the instruction now the challenge which keeps cropping up on most large property transactions is getting from a sale agreed to a legally binding exchange of contacts and completion.

A recent case we have dealt took 5 months to completion. A 17 week delay from reservation to legal commitment is totally unacceptable and was brought about with funding finance requirements. It is accepted following the financial melt down lenders need to be more careful and vigilant in the way at they look at proposals for funding of property. We do not understand why it takes so long when much of the information they need is available either on the internet or can be emailed by solicitors.

We have reached the stage with some transactions whereby perspective purchasers and the vendors have got so frustrated with the delays on funding that either one party or the other has threatened withdrawing from the transaction due to the time delay.

It is hoped that thoughout 2016 we should see further sales and lettings of property thoughout Wyre Forest as the economy continues to grow despite global downward trends. We are seeing week on week favourable signs locally that Wyre Forest is starting to prosper again and there must not be any situations where companies who want to establish in the area are delayed by in obtaining funding for new premises which ultimately result in them giving up and not bothering to make the move.

With any property transaction it is important that the professionals who are involved in the sale guide the client correctly and arrange for the relevant energy performance certificates and other information which is likely to be required by a potential purchaser to be obtained in advance of a sale being arranged. Although there are cost implications perhaps vendors should be instructing their solicitors to get a sales pack together well in advance of a purchaser being found. It is also worthwhile mentioning at this stage that the time is drawing closer when there are going to be minimum requirements for energy performance certificates and in later months we shall be covering this in more detail to ensure the potential vendors and landlords are kept up to date as to developments in relation to the energy performance of commercial buildings. There has recently been publicity from the government relating to carbon capture and following the Paris conference on climate change we can see that environmental issues are going to feature even more in property performance in the future.