Housing transactions – comment
Following the announcement from HMRC today that the seasonally adjusted estimate of the number of UK residential transactions in December 2022 is 101,920, 1% higher than December 2021 and 3% lower than November 2022, John Phillips from national broker firm Just Mortgages said: “These transaction figures show us that the housing market is continuing to defy the critics and doom-mongers.
“Significant pressure on household budgets from highinflation, rising mortgage rates and cost of living increases have failed to stall the housing market and transactions have remained robust. Underpinning this are house prices that have refused to collapse despite seemingly constant predictions across the media that they will do so and in reality, average UK house prices increased by 9.8% in the 12 months to December 2022.
“2023 is going to be a pivotal year for mortgage brokers with over 1 million people coming off fixed rates in 2023 and so now is the time for brokers to show their worth and manage clients’ expectations about potential payment shocks and ensure they are on the best possible deal.
“The greatest threat for mortgage borrowers in 2023 is apathy and meekly accepting a lender’s transfer rate without contacting a broker who can shop around to ensure they are on the best available deal.”