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21 June 2017
Doug Crawford, CEO of My Home Move, comments on today’s HMRC property transaction figures for May
“The 3.3% monthly fall in property transactions in May is disappointing but to be expected in the context of a snap general election. The bigger question facing the property market is what the impact of June’s election result will be. The good news is that the number of sales has hovered above 100,000 a month so far this year. If that is sustained, this will be a good year for the housing market.
“One part of the mix that is helping is the high levels of competition in the mortgage market. Mortgage competition and the low base rate are combining to drive mortgage rates down, helping the 57% of aspiring first time buyers who are confident about their chances to convert their optimism into a home purchase. So while supply is limited, demand is strong for the properties that are being marketed.
“Alok Sharma, the fifteenth housing minister in seventeen years, has a vital role to play in ensuring a stable framework for the property market as the UK negotiations on Brexit take place.”