Following the government report on Property Transactions this morning, Richard Pike, Phoebus Software’s sales and marketing director, says “The good news this morning is that, despite worries to the contrary, mortgage transactions are still getting through to completion. There is likely to be something of a bottleneck in the next 8-10 weeks though, as the push to beat the SDLT holiday deadline takes hold. It is also reassuring that lenders (according to the latest Credit Conditions Survey this morning) are expecting the availability of secured credit to increase to the end of February. For those hoping to secure a mortgage before the 31st March deadline this will offer some encouragement.
“The next hurdle will be getting those transactions over the line before the deadline. This is now something that looks unlikely to change, especially as yesterday the latest petition to government was put on ice, along with all petitions until Westminster Hall opens again. The disappointing thing about this particular petition is that there is a deadline, one that is unlikely to see government back in parliament to debate in time.”