Following this morning’s release of the HMRC Property Transactions data, Clare Beardmore, Director at Legal & General Mortgage Club, has examined the data from a value-of-advice perspective.
She said: “Today’s data reflects a rise in overall property transactions. Of course, this does indicate a correction to the strong market we saw before the pandemic, but it may also show that buyers are putting their plans on hold in the hope of more favourable conditions.
“The UK housing market has a proven track record of weathering strong headwinds, but borrowers will need ample reassurance that rising interest rates and the cost-of-living crisis are not going to slam the shutters closed for first-time buyers or those who are moving home.
“Volatility is concerning for borrowers, and so advisers have a crucial part to play in helping them steer a path through the complexities of the current market. While affordability remains a key barrier for first-time buyers, they are still making huge strides, taking advantage of slower house price growth and financial support from the ‘Bank of Family’ to step onto the ladder.
“With this in mind, the value of expert and bespoke guidance cannot be underestimated. If anyone is considering buying a home, remortgaging, or switching to an interest-only product, a professional adviser should always be their very first port of call.”
