15 Sep 17 Posted by Sarah Gill
You may have heard on Radio Leicester the piece about the cost of buying a home in Burbage, Hinckley increasing at a greater rate than most of the country and the same is true, generally, of the East Midlands.
As a solicitor specialising in divorce and family law, my first thought was ‘I wonder how this affects all of the separating families in the area?’.
When couples are separating or divorcing, the main thing that they have to consider after any issues regarding children, is who gets the house, or how the house is split between them. In fact, a house is often the only asset a couple have to split.
Selling property in divorce – supply and demand
We all know that supply and demand drives up house prices. If people want to live in a certain area but there are sparse opportunities to buy a house there, then when a house does come on a market, its asking price will reflect how much demand there is in the area. When applying this to divorcing couples with children, who will usually want to buy separate properties in the locality, so that the children can continue with their schools, this means that for every one house sold through a divorce, two more are needed.
Going back to the title of this article, I don’t think that divorce is what is making house prices in Burbage go through the roof. However, as a solicitor working in Hinckley who deals with many divorces from the surrounding areas on a regular basis, I think that divorce rates here and anywhere else in the country, will inevitably have an impact on house prices.
Burbage is, of course, a beautiful place to live with lots of amenities in the village itself. The piece on Radio Leicester also highlighted the increase in amenities in nearby Hinckley, including the new cinema and leisure centre which is likely to increase in the desirability of Burbage and Hinckley and to be another, probably far more impactful, contributor to further increases in house prices.
Advice about splitting assets in divorce
If you would like to find out more about how splitting property, assets and money in divorce works, you can contact specialist family law solicitor Sarah Gill, based at our Hinckley office, by calling 01455 639 900.