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How the Economic Forecast Could Impact Estate Agents and Conveyancers in 2023

The UK economy is constantly changing and evolving, which means that estate agents and conveyancers must be prepared for the potential impacts of a recession, rising interest rates, and falling consumer confidence. In this blog post, we will discuss how these changes may affect transaction volumes in the next two years, what strategies estate agents should employ to stay competitive, and how to leverage existing relationships

Transaction Volumes

The recession could cause transaction volumes to decrease significantly over the next two years. This would likely have a domino effect on all types of transactions—from sales to lettings—and could make it difficult for estate agents and conveyancers to stay afloat.

Conveyancing firms are also at risk of experiencing a dip in business due to fewer individuals having the financial capacity or desire to purchase or sell property

Staying Competitive

To stay competitive during this uncertain time, estate agents should consider diversifying their services or expanding into new geographical areas. By diversifying, estate agents can ensure that they remain relevant no matter what economic conditions arise.

Additionally, estate agents should take advantage of their existing client base by leveraging relationships with current customers to build new ones.  Regional multi-branch estate agents may find this strategy especially beneficial as they will be able to capitalize on their already established network of clients located across multiple regions.

In order for estate agents, conveyancing firms and conveyancers to remain successful through this period of uncertainty it is important that they diversify their services, leverage existing relationships with clients and look into regional multi-branch opportunities where possible.

By doing so they can remain competitive while adapting to changing market conditions caused by the recession, rising interest rates and falling consumer confidence which will no doubt affect transaction volumes in 2023 significantly.