Following the release of the latest HMRC property transaction figures, we hear from a range of experts, who have shared their reactions to the latest data.
Clare Beardmore, Director of Distribution and Mortgage Club, Mortgage Services, L&G, said:
“This encouraging uplift in transactions suggests growing confidence in the market, and our broker data shows a significant increase in buyers of all ages looking to step onto the property ladder for the first time. Lenders are continuing to respond to shifting borrower demands with new and innovative mortgage product offerings, and potential policy changes may be around the corner which could support buyer affordability too.
“In fast-moving markets like this, expert advice is more valuable than ever. Prospective buyers should speak to a professional mortgage adviser to navigate the market with confidence and find the best solution for them, no matter their circumstances.”
Tony Hall, Head of Business Development at Saffron for Intermediaries, said:
“Today’s figures show an increase in transactions, underlining the resilience of buyers despite recent inflationary pressures. Lenders have responded by reducing rates in line with market conditions, while smaller providers are also launching new products to meet ongoing demand in the housing market.
“Average mortgage rates have now dipped below 5% for the first time since the 2022 mini-budget, marking an important milestone for affordability. At the same time, the Chancellor is reviewing property tax reforms ahead of the Autumn Budget. The devil will be in the detail – if the burden shifts to sellers, we could see asking prices rise, reducing the incentive for downsizers to move and potentially limiting supply for first-time buyers. Until the proposals are confirmed, brokers will play a vital role in guiding borrowers through what remains a competitive and evolving market.”
Nathan Emerson, CEO of Propertymark, said:
“It is extremely positive to see an uplift in the number of people completing on their property transaction month on month, as it is a clear-cut indicator of overall affordability and consumer confidence.
“We have witnessed the UK Government and the devolved administrations make comprehensive promises regarding housebuilding targets, which should boost the economy in the long run and provide greater choice to those who aspire to buy. We also have the Planning and Infrastructure Bill, which will apply to England, working its way through Westminster as the autumn approaches, again aimed at increasing housing supply.”
Simon Webb, managing director of capital markets and finance at LiveMore, said:
“Rising transaction volumes show that the housing market is building resilience after a challenging period. The recent base rate cut has clearly played a part in encouraging activity, and a further cut or hold by the MPC in September would provide the consistency buyers and lenders need.
“In later life lending, momentum is also gathering as borrowers over 50 increasingly look beyond equity release to a wider range of solutions. At LiveMore we’re seeing strong growth in our full range of products, which give customers the flexibility to borrow responsibly well into retirement. This growth in choice is vital to ensuring that older borrowers are not excluded from the recovery.”
Richard Pike, chief sales and marketing officer at Phoebus Software, said:
“An uplift in transactions in July is another indication that confidence is returning to the housing market. The widely predicted base rate cut in August has clearly encouraged activity, and as a result of that cut, we could see this momentum build. The next key question is how the MPC moves in September, trying to balance inflationary pressure with rising unemployment. What matters now is ensuring the industry can support buyers and brokers efficiently.”
Jonathan Handford, Managing Director at national estate agent group Fine & Country, said:
“Another monthly uptick in property sales shows that buyer demand remains steady, and sellers are willing to adapt to price sensitivity by adjusting their expectations to close deals. There have been some recent reductions in mortgage rates, but conditions remain fluid, and further declines aren’t guaranteed.
“There is a healthy supply of stock across most parts of the UK, giving buyers the opportunity to shop around for their ideal home without having to compromise. We may see a ‘wait-and-see’ trend emerge among sellers who are uncertain about potential property tax changes in the autumn budget. However, this could also spur activity, particularly in the prime market, as sellers of high-value homes become more flexible on their asking price.
“Even speculation alone can delay decision-making and dampen short-term activity. As we head into the tail end of the year, we typically see a rush to buy as movers look to settle before Christmas and colder weather sets in. While economic policy may temper that seasonal pattern, the outlook for now remains robust.”
Melanie Spencer, growth director at Target Group, said:
“In the market that is surrounded by economic or political uncertainty – at home and abroad – another positive monthly increase in transactions is hugely welcome and demonstrates both real confidence and enthusiasm among buyers across the market. While inflation remains a real obstacle, it seems that affordability pressures overall are showing signs of easing – plus lenders continue to play their part and innovate with no issues around availability of funds. There is a real willingness to lend and with increased scope from more flexible mortgage rules, lenders can really throw their arms around more clients.
“There’s no doubt that there could still be some choppy waters ahead, with inflation far from subdued and real unknowns when it comes global trade and further escalations abroad. How this will all play out will be closely watched – most notably by the central bank as they weigh up any further movement on interest rates against sticky inflation and a struggling economy. Even so, it seems there is growing optimism and buyers remain undeterred. With the support of the market, they are keen to push on with plans.”
