Bucking the trend in the property sector
The housing market has undoubtedly slowed up but, paradoxically, this creates new opportunities for X-Press franchisees because property searches have a limited life.
One franchise that is prospering – despite the reported slowdown in the property market – is property search specialists, X-Press Legal Services Ltd, which is experiencing a big increase in business.
Cheshire-based X-Press now has over 43 franchised offices across the UK providing searches and reports for solicitors, professional conveyancers and specialist HIP providers. It has seen like-for-like sales grow across the network by more than 130 per cent in the last year.
The housing market has undoubtedly slowed up but, paradoxically, this creates new opportunities for X-Press franchisees because property searches have a limited life. Searches are an important component of Home Information Packs, now a legal requirement for most homes, but are valid for only 90 days. Some properties, taking nine or even 12 months to sell, will need new searches three or four times.
Whilst property purchases may be down, the number of remortgages has risen dramatically. Homeowners have to re-mortgage at the end of fixed-rate terms, for example, and many established property owners are now choosing to remortgage as a way to finance renovations or upgrades as an alternative to moving house.
Similarly, a steep increase in homes being repossessed generates a demand for new searches on behalf of new purchasers and developers when the properties are sold by mortgage lenders or put into property auctions.
The latest report from The Council of Mortgage Lenders states that remortgaging activity increased in the first quarter of 2008 to 33.3 billion, or 44 per cent of gross lending, up from 35 per cent in the fourth quarter of 2007.
Started in a property boom, X-Press is continuing to grow and adapt to changing market demands. There are opportunities in many areas across the UK. An X-Press franchise costs £24,950 plus working capital. Typical liquid capital is quoted at £15,000. The package includes all training, computer hardware and software, specialist maps and directories, stationery, equipment and local marketing support.
If you are looking to start your own franchise and would like to find out more about a franchise with X-Press Legal, click the "Request Information" button below now.
