HMRC property transactions comment from Access FS

22 February 2023

Karl Wilkinson, CEO at Access Financial Services said:
“This significant drop shows that homeowners are now putting moving plans on hold while they deal with the mounting pressure of the cost-of-living-crisis, rising inflation, and talks of recession. Buyers will also bide their time to see whether robust property prices hold out.

“The recent reduction to sub 4% mortgages offered by the high street should help improve the numbers over coming months.

“Advisers must focus on providing knowledge and support to those looking to move or remortgage during a time of uncertainty, including the reported 1.3million people due to come off fixed-term mortgages this year.

“This year, Advisers must prioritise protection, with the consumer duty deadline approaching. Demand will return and advisers will need to be ready to provide much needed professional support and advice.”