HRMC Property transactions announcement - Comment from Just Mortgages

23 August 2022

John Phillips, national operations director at Just Mortgages said: “The jump in transactions year on year of 37% is impressive but should be taken in the context of the end of the stamp duty holiday last year. What is far more telling is the growth, albeit modest of 3% from last month.

“It sometimes seems like a national pastime to talk the housing market down but despite some delays in housing completions, housing transactions remain robust. There was a tiny fall in house prices last month but it’s worth noting that UK average house prices increased by 7.8% over the year to June 2022.

“With inflation predicted to hit 18%, accompanied by inevitable rises in mortgage rates lenders will of course become increasingly prudent in their lending policies but the appetite to lend remains and good quality borrowers will always be in demand.

“Feedback from our brokers across the country tells us that borrowers are very aware of the implications of a higher cost of living and are being realistic about their borrowing needs. Increased energy bills are yet to hit many households but need to be factored in to household budgets and brokers need to take a holistic approach to family finances.

“What is definitely set to increase is the speed at which products are launched and pulled by lenders and so the ‘inside’ knowledge provided by mortgage brokers is crucial to help borrowers secure the right mortgage at the right time.”