Comment on the HMRC property transactions for July from Adam Oldfield at Phoebus Software
Following the property transactions from HMRC this morning, Adam Oldfield, head of sales and account management at Phoebus Software, says “As expected the figures for transactions in July dropped dramatically after the huge push to beat the SDLT holiday in June. However, the fact that lenders are offering record low mortgage rates is enough, it appears, to ensure appetite in the housing market remains on a par with that in 2020. While these rates are available it is likely to provide enough impetus to keep the market growing, even if it is at a reduced rate.
“Rising inflation remains a spectre on the horizon, one that we can’t afford to take our eye from. If inflation rises as the government expects I suspect we may see the Bank of England increasing the base rate, and with it mortgage rates will rise. As furlough comes to an end next month we will get a fuller picture of employment and, unfortunately, unemployment. The financial impact will then all too be evident. The term ‘make hay while the sun shines’ is undoubtedly apt for those looking to move or remortgage in the near future.”