In a year where mortgage rates and Bank of England Interest rates hit an all-time high, since the 2008 financial crisis, Davisons have surpassed targets with a 20% increase in Conveyancing instructions in comparison to the same period last year.
With 2023 being in the news for forecasts of a downward turn in the property market, house prices increasing and mortgage rates rising many experts expressed concerns of the housing market. Lloyds and Zoopla, to name a few, reported on the rumors of a slump in the property market, forecasting a further drop in property prices on top of the 3-5% seen across the country in the past twelve months.
In response to the potential slow down the legal sector responded with many large law firms scaling back and announcing redundancies. Despite the concern of the market testament Davisons continued to focus on its long term strategic goals, retaining staff, growing in new and existing markets. The news on the 20% increase in conveyancing instructions in October is an early indicator to the firm that its strategy is working and plots a clear course for future months.
Commenting on the increase, Equity Director, Darryl Wilkes mentioned:
2023 presented many challenges for the conveyancing market, we’ve seen firsthand the consequences of the rumours in the property market from estate agent and conveyancers alike. With other firms making redundancies we responded by growing our teams and looking at new geographical areas. We want Davisons Law to be seen as the leaders in the conveyancing market and our actions in 2023 has helped to secure that. The increase in work today is a testament to the dedication of our teams and is an early signal that our strategy for sustained organic growth is working”.
In recent months, land registry transaction data confirmed Davisons Law remains the largest conveyancers in the West Midlands and Warwickshire and one of the largest property firms in the country. The firm opened its thirteenth office in Coventry this year and secured a location in the Cotswold’s for a new office, due to open in early 2024.