The rollercoaster of property transactions

New data from HMRC suggests that the two-year period of sky-high property transactions has well and truly come to an end.  

The data reflects caution from buyers and sellers, with the provisional (seasonally adjusted) estimate of UK residential transactions in February at 90,340. This is a 4% drop against a month ago, and huge 18% drop against a year ago. Factors causing the decline include the cost-of-living crisis and rising interest rates.

However, with the Office for Budget Responsibility (OBR) noting last week that the ”economic and fiscal outlook has brightened somewhat since [its] previous forecast in November”, the outlook for transactions could be improving. Coupled with this is improving mortgage product choice, with Moneyfacts recently revealing that there were 4,341 products on the market as of February, up from 3,643 in January, and almost double the level available at the end of October (2,258). This is also the first time product availability has passed 4,000 since August.

Conor Murphy, CEO and Founder, Smartr365 adds,“House prices and activity levels are correcting from theirpandemic-induced peaks, but neither is cause for concern and the market remainsin good health. There is a real optimism that the market will continue to standtall as we approach the summer, which is typically a busier selling season.”

Efficiency gains and streamlined processes are vital for anyone looking to boost business during this settling period. By letting tech tools take the heavy lifting in terms of admin, firms can utilise the extra capacity for lead acquisition, sourcing, and completion.

Conor Murphy explains, “During this period of correction, it is vital that brokers and lenders are equipped with the best mortgage tech to improve their lead conversion rates. If techofferings are not up to scratch, consumers have the power to shop elsewhere given the vast amount of firms and products currently available.”

Intrigued to learn more? Book your free Smartr365 demo today.