“In line with the macro-economic outlook that begun in 2022 and has continued into this year, it is unsurprising to see a small decrease in the house price data this month. With persistent high inflation, the continued cost-of-living crisis, and energy prices staying on the up, we are anticipating similar figures for the next few months, despite a softer landing for the economy than expected in December noting an underlying resilience.
“As property values bear the brunt of this challenging economic environment, for homebuyers and sellers this translates to heightened risk of their purchase collapsing, with down valuations and expiring mortgage offers on the rise, not to mention those pulling out of a sale entirely. This could cause stagnation in the housing market, having a serious impact on the economies that rely on it, as well as consumer confidence.
“A key tool in the arsenal for conveyancers, brokers and estate agents to keep transactions moving at pace is the effective use of technology – not just linking parties together for better communication, but automating the mundane administration behind the scenes to accelerate the process altogether. This relieves the pressure from all parties, leaving lawyers especially able to focus on the more technical advisory roles they are vital for.”