Following today’s HMRC Property Transactions data, Vikki Jefferies, Proposition Director at PRIMIS Mortgage Network has commented.
She said: “Even though the number of transactions in August were marginally higher than in July, figures remain down year-on-year, as although inflation has started to come down, it is evident that both this and higher interest rates continue to weigh on market activity.
“Affordability continues to be a particular challenge for first time buyers, with new research from Halifax showing that there were 22% fewer first-time buyers between January and August compared with the same period last year.
“Given this, the Bank of England’s decision to keep the base rate at 5.25% in September, and the resulting decrease in mortgage rates, will have been welcomed by many and should stimulate market activity in the coming months. Brokers should therefore ensure they are prepared for a busier Q4, both in terms of being in a position to help their customers achieve the best possible outcomes, but also in terms of being able to look after themselves.
“2023 has been a rollercoaster of a year, with brokers going above and beyond to support their clients. It is important that appropriate time is taken to relax and revitalise to avoid work related stress, and even burnout. Mortgage networks can help ease the burden on brokers and help them deliver a quality service to all of their clients both now, and in the longer term.”