In dire need of a pick-me-up - Comment on the latest HMRC property transaction figures for July from Adam Oldfield at Phoebus Software

31 August 2023

Adam Oldfield, chief revenue officer at Phoebus Software, says “The news doesn’t get any better at the moment. With reports yesterday from the Bank of England and Zoopla, showing how slow the market has become, today’s non-seasonally adjusted figures from HMRC make grim reading.

“Our beleaguered housing market is in dire need of a pick-me-up. Unfortunately, we may have to wait a few more months to see an upturn, but there may be light at the end of the tunnel. The knock-on effect of rising mortgage costs is that house prices, artificially inflated during the pandemic, are coming down and making it more affordable for those trying to get onto the property ladder. This could mean first-time buyers, who have been desperately trying to save for a deposit, may find asking prices falling within their budgets. Nonetheless, the responsibility for assessing affordability of ownership, not just paying a mortgage, will be with lenders. It is definitely a buyer’s market, but no doubt with an air of caution.”