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Will Main Street Turn into a Ghost Town?

PROFIT CONFIDENTIAL

December 8, 2008

Large corporations are announcing substantial new layoffs now and this trend should continue well into 2009. Slowing demand and anticipated weaker demand next year are precipitating unemployment, even as raw material costs are falling.

I have no doubt in my mind that the current downturn is going to be prolonged and severe. No industry is immune from the current recession and we’re only at the end of its beginning in terms of the length of time for the cycle to run its course.

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The effect of the credit crunch on Conveyancing Solicitors’ offices and their staff.  Detailing the significant reduction in the number of new transactions, effect of run off insurance and the rapid downgrading of the value of a profession.

There was an interesting story on the radio the other day about the effect of the credit crunch on Estate Agents.  The DJ then went on to say “Just to think, there are now thousands of Conveyancing Solicitors sat around twiddling their thumbs.?  He then delivered the punch line “No change there.?  What was surprising about this was that although it is common knowledge that the Credit Crunch is taking its toll on Estate Agents, its effect on Conveyancing Solicitors is something we very rarely hear about.

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A recent report has revealed that the global credit crunch, bad debt levels, and increased worry amongst UK lenders could be having an even deeper impact that originally thought. Many different areas of the finance sector have been hit by a combination of these factors, and consumers looking for anything from credit cards to mortgages have felt the pinch, as the range of products becomes smaller and lenders become less willing to take a risk. There has been an increase in the number of rejected applications for both credit cards and mortgages, and lenders have really increased stringency when it comes to offering these types of finance.

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