HMRC Housing Transactions fall for first time in 6 mths! - Comment from John Phillips, Just Mortgages

24 May 2022

John Phillips, national operations director, Just Mortgages said: “This is the first time in six months that UK (seasonally adjusted) housing transactions have fallen from the month before and the lowest level of transactions since December 2021. *

“This decrease in housing transactions suggests that fears about the continuing rise of interest rates coupled with a significant increase in the cost of living has somewhat doused enthusiasm in the market. If people have the intention or aspiration to move in 2022 then it seems to be the case of the sooner the better to secure the best possible rate for their loan but a rapidly changing financial landscape means the value of advice has never been higher.

“Further rises in interest rates this year will have a knock-on effect on mortgage rates and coupled with rising household bills lenders’ affordability calculations look set to become increasingly robust which means that this is a purple patch to get advice and possibly fix loans at the most affordable rates for the foreseeable future.“

* Residential property transactions completed in the UK by Month