Comment: Property transactions shows urgency has faded, but desire is still there

John Phillips, national operations director, Just Mortgages said: “While transactions were always going to dip in July, the number of moves shows the market was not entirely driven by stamp duty savings.

“We are still on track for the most transactions in a calendar year for over a decade, and while some of the urgency to move may have faded, the desire is still there.

“Our brokers are reporting strong interest still, and since the stamp duty holiday has ended, more first-time buyers may look to jump on the ladder as competition reduces somewhat.

“Prices are still high however as there are roughly 15 buyers for every property on the market, and even if that reduces, properties with gardens are still going to attract bidding wars.

“With this slight reduction in transactions, now is the time for brokers to focus on remortgages and protection. We estimate there will be £5 billion worth of mortgages maturing before the end of the year, so brokers should work with clients to ensure they are on the best rate.”

Published: 25 August 2021