The cost of living has risen across the United Kingdom, putting pressure on household finances. Rising interest rates have also impacted mortgage repayments. Buyers are being more cautious in selecting which property to purchase, but there is still a demand for people looking for their first-time homes throughout the country.

“We are seeing a very high demand for our residential property solicitors as home buyers flock to view the choice of properties on the market,” says Ray Crudgington, Managing Partner at Grant Saw Solicitors in the United Kingdom.

The good news for property owners and new home buyers is that the housing market is expected to balance itself out in the new year with a price drop. What is expected in the coming months is also an increase in the unemployment rate, which will remain low in comparison to historical standards, but it is still expected to put a strain on the housing market.

As a result, it is expected that the UK housing market will see a decrease in housing prices during 2023. This will put homes back in the price bracket they were in April 2021. “This is not set in stone,” said Ray Crudgington. “There are still many factors to be taken into consideration including unemployment levels and interest rates. But when you think the average UK house price is more than £10,000 to what it was a year ago, this drop in house prices will increase buyer demand considerably.”

The housing price growth is more than four percent and peaked at over twelve percent in June 2022. At the same time, Grant Saw Solicitors are seeing a rise in demand for their residential property legal services with many new house purchases taking place, a lot of which are new buyers entering the housing market.

This law firm, which specialises in residential property transfers has been kept busy with the surge in new house purchases taking place and is delighted with its success in Q4 2022.

About Us:

Grant Saw Solicitors LLP is a London-based legal practice that caters to private and business clients. The firm has been operating since 1851 offering legal excellence and a modern and friendly approach. They are recognised for their excellence with numerous accreditations. Being members of LawNet, they share ideas and resources. Grant Saw Solicitors LLP are based in Blackheath and Greenwich, both offering disabled access. Their extensive range of legal services ranges from tenant and landlord disputes to residential property transfer, commercial property, insolvency, employment, and dispute resolution. Full details can be found at https://grantsaw.com.