THE downturn in the housing market caused by the current credit crunch has hit one of West Somerset's oldest legal services firms. Solicitors Risdon Hosegood confirmed yesterday (Thursday) that it had axed eight staff across its five branches due to the slump in the level of property conveyancing work. The compulsory redundancies involve employees in the company's offices in Williton, Minehead, Dulverton, Wiveliscombe and Taunton and include two solicitors along with a range of support staff. And Keith Needs, one of Risdon Hosegood's two partners, warned that the firm would not be alone in having to face up to the gloomy economic situation. "I believe we are going to be the first of many solicitors who are going to have to take similar action," said Mr Needs. "You have to act in response to market forces and that is what we have done to maintain our profitability. "No-one likes to have to let people go. We value our staff, they are our major asset and we would always want to retain them. "This has not been an easy experience but we have responded very promptly to the current situation. "With the number of major house builders who have announced substantial job losses in the past few days, the situation is pretty clear. "We are not immune to these market forces." Mr Needs said Risdon Hosegood, which employs around 50 staff in all and can trace its roots back to the 18th century, was "alive and kicking". He said the job losses only affected conveyancing departments and represented a "modest" reduction in the number of staff employed overall. Figures released by the Land Registry at the end of June reveal that the number of completed house sales in England and Wales fell by 50 per cent in the year to March. The data showed a total of 53,080 homes were bought in March this year, compared to 106,047 at the same time last year.