You are here: Home - News -

Brexit ‘urgency’ helping boost property transactions

  • 21/11/2019
  • 0
Brexit ‘urgency’ helping boost property transactions
The number of residential property transactions rose in October to reach 103,680, figures from HM Revenue & Customs have revealed.


While this is an increase of 4.3 per cent from the month before and October last year, the year-to-date transactions are still down on the two previous years.


Brexit urgency driving deals

Andrew Montlake, managing director of Coreco, suggested there was some “urgency” among homeowners to “get their houses in order” before whatever comes next with Brexit. 

He continued: “Extremely low borrowing costs, a strong jobs market and more affordable prices are underpinning activity in the market despite the political bedlam. We’re seeing a lot more people lock in to extremely competitive five-year fixed rate mortgages, which offer a medium-term hedge against the uncertainty of how Brexit will play out.”

And Montlake added that while activity levels usually drop in the weeks leading up to a general election, the motivation to get into a new home before Brexit is currently outweighing that caution.


Only those who have to move are

Mark Harris, chief executive of SPF Private Clients, said it was encouraging that transactions have “edged up” on both a monthly and annual basis, but argued they also highlighted that there “isn’t a great deal of activity” in the purchase market.

Harris added: “Only those who really have to move, for whatever reason, are doing so. For them, there are some excellent mortgage opportunities available with lenders cutting rates in an effort to attract business.”

Gareth Lewis, commercial director of MT Finance, said his firm had seen a spike in transactions in the last few weeks, and argued that the end of the year was serving to focus people’s minds and spur them to get on with their house moves.

There is a bit of a buzz around as people try to close transactions by the end of the year. There was a worry that things would slow down dramatically until the election outcome was known, but thankfully this doesn’t seem to be the case,” he concluded.


There are 0 Comment(s)

You may also be interested in

  • RT @VickyHartleyMS: Sunak doubles incentives to £3,000 to take on apprentices and offers £126m in 'new cash' to triple traineeships. One to…
  • RT @VickyHartleyMS: Watch out for breaking news coverage on the #Budget2021 this afternoon from the best UK mortgage and property journalis…

Read previous post:
Tories pledge ‘lifetime’ fixed rate mortgages and discounts for first-time buyers

The Conservative Party has announced a host of proposals to boost the housing market, including the introduction of lifetime fixed...