UK Law and Practice Contributed by: Colin Rodrigues and Harminder Sandhu, Hawkins Hatton Corporate Lawyers Ltd
Hawkins Hatton Corporate Lawyers Ltd Hawkins Hatton Corporate Lawyers Ltd
Castle Court 2 Castlegate Way Dudley DY1 4RH UK
Tel: 01384 216840 Fax: 01384 216841
Email: info@hawkinshatton.co.uk Web: www.hawkinshatton.co.uk
1. General 1.1 Main Sources of Law
1.2 Main Market Trends and Deals With UK interest rates at a 15-year high and inflation out of control, 2023 was a challeng - ing time for the real estate sector, as the cost of borrowing increased and property values fell. This, coupled with a sharp decline in consumer spending due to the cost-of-living crisis, resulted in a very subdued UK economy. With any distressed property market, there are always investors with capital waiting in the wings to take advantage of new opportunities. It is pre - dicted that the real estate sector will see a wave of increased activity in 2024 as inflationary pres - sures ease, and interest rates are forecasted to not only stabilise at a reduced rate but possibly decrease further. 2024 will see unprecedented change, whether in the form of domestic legislative reforms, global politics, global stability or a change of UK gov - ernment. These vast changes will directly impact on the UK economy, consumer spending and investor appetite for risk. As regards which real estate sectors will see the most activity, these will likely include the industrial and residential
UK real estate law is derived from common law and statutory legislation. In relation to the latter, the primary legislation comprises: • the Law of Property Act 1925, which reduced the number of legal estates to two and streamlined the transfer of interests in land for purchasers; • the Land Charges Act 1972, which updated the process for registering charges against unregistered land; and • the Land Registration Act 2002, which updat - ed the law of land registration and stipulated the registration of shorter leases. Reference will be made throughout this guide regarding the extent to which real estate law has been reformed since the primary legislation and new statutory legislation or regulations were introduced.
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