Property transactions result of "perfect storm"

21 July 2021

John Phillips, national operations director, Just Mortgages and Spicerhaart said:

“Our brokers have been working flat out for the past year, and it appears we have hit the peak in transactions. June was a record-breaking month, and was the result of a perfect storm of factors.

“Lockdown created pent-up demand, it also meant more people spending time at home and considering where they live. The lack of hospitality and holidays increased savings, and the stamp duty holiday incentivised action.

“While the number of people moving has been fantastic for the sector, and the economy, it is unsustainable long-term, and we will see a slight reduction in activity in the next few months.

“Despite an inevitable reduction in transactions, talks of a cliff edge appears to be off the mark. Demand for property is still incredibly high, and although transactions will drop slightly, our brokers are still reporting a healthy pipeline of clients.

“With lockdown restrictions ending, confidence is slowly returning. The number of people on furlough is falling, and people are starting new jobs. This will bring more buyers to the table and ensure the market continues to thrive.”