Comment on the UK Finance lending update for July

Richard Pike, sales and marketing director at Phoebus Software, says “July is, of course, a traditionally busy month in the property world, and it is encouraging to see even modest growth compared to the same month in 2017. However, with so much speculation regarding the Brexit deal, or no deal, everywhere you turn at the moment it is likely to be reflected in the housing market in the coming months. When house buying is such a huge financial undertaking, the decision to move or buy has to be affected by consumer confidence, which is likely to be dented amongst the constant barrage of ‘deal or no deal’ speculation.

“The market has been propped up recently by the continuous buoyancy in remortgaging but, with few people now left on variable or tracker rates, this too is likely to slow. As we approach the deadline for Brexit even the threat of a no deal is likely to weigh heavy across our economy, how that will manifest itself in the housing market is difficult to predict, but it could bring along a period of stagnancy while people wait to see what happens.”