Following today’s HMRC residential transaction report, our Chief Executive Officer, Jason Tebb, explains how the UK housing market has reached a ‘new normal’.
“With transaction levels picking up in February compared with January, but down compared with February 2021, the housing market is adjusting to a ‘new normal’ and distinct from the pre-pandemic market. It’s an elevated, faster-paced version where a large number of highly motivated buyers are keen to move quickly and eager to compete with other likeminded purchasers for the small number of available properties.
“As the weather starts to feel more spring-like, more stock is coming to market but not quickly enough to satisfy pent-up demand from buyers who didn’t make their move last year and remain keen to do so. Three consecutive interest rate rises haven’t deterred these buyers who remain determined to take advantage of low mortgage rates while they can. Buyers who aren’t organised and prepared to be decisive risk missing out in this highly competitive market.”
