Comment from John Philips at Just Mortgages on HMRC Housing transactions

24 January 2023

John Phillips, national operations director at Just Mortgages said: “these transaction figures show us that the end of 2022 wasn’t the housing market Armageddon that most commentators would have had us believe. Even in the midst of rising mortgage rates and increasing pressure on household budgets borrowers wanted to borrow and lenders wanted to lend and let’s remember that average UK house prices increased by 12.6% over the year to October 2022.

"Of course, affordability will continue to be a driving force in mortgage approvals but with five-year fixed rate products still under five percent there is still the opportunity for borrowers to get affordable peace of mind.

"There will be a significant number of borrowers coming off low fixed rates this year and there is no doubt there will be the much-vaulted payment shock but now is the time to shine for mortgage brokers who should be proactive in contacting existing clients and managing their expectations.

"Brokers can also use the negative headlines that blight the housing market by being proactive via social media and other advertising to reassure borrowers that professional advice is available and accessible.”