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Property transactions data Aug 23

ended 31. August 2023

The latest official property transactions data is out shortly, for July. How many residential and/or commercial property transactions have been taking place over the summer in your experience? Assuming transaction levels are down, why is that? And what do you expect to happen to transaction levels during the rest of 2023? Just a few lines will do - no need for an essay now…

4 responses from the Newspage community

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Editor
Justin Moy
Managing Director at EHF Mortgages
Overall, property transactions have been much lower than usual, which is unsurprising given rising interest rates, high inflation and broader economic uncertainty. As house prices fall, one positive is that we have seen a good level of interest from first-time buyers who are fed up with paying high rents and see now as a good time to buy. If they can find the deposit, they would rather put payments similar to their rent towards their mortgage. Whilst mortgage rates are higher, property prices are lower and for many first-time buyers now is a good time to get onto the ladder.
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Neezam Romjon
Co-Founder at Rebus Financial Services
As mortgage rates have trickled down, we're seeing more clients holding off on pulling the trigger in fear they will miss out on a lower rate if they wait.
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Graham Cox
Director at Bridging Hub
It doesn't take a rocket scientist to work out why property transactions have fallen in July. Mortgage rates soared as it looked like inflation would be much stickier than expected. And we're not out the woods yet, as both the headline inflation rate and core inflation remain stubbornly high, albeit with signs of improvement.
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Ross McMillan
Owner/Mortgage Advisor at Blue Fish Mortgage Solutions
In Scotland, August has shown real signs of an upturn in activity following the usual seasonal slowdown over the school Summer holidays.

Frustrated by sky-high rents, first-time buyers are very much to the fore, with several new enquiries from and offers being accepted for those aiming to take their first steps onto the housing ladder before the year is out.

Transaction levels overall have undoubtedly been lower for the year so far as sellers, in particular, have sat on the sidelines whilst allowing and hoping for the volatility of interest rates to pass them by but as we hopefully begin to come down from the peak rates seen recently, expectations are that whilst the latter part of 2023 - outwith FTBs - will continue to be subdued, the outlook for 2024 and a surge in activity across all sectors of the market seems plausible as the current higher than before interest rates become accepted as the new norm.