UK Property Transactions comment from the OPDA
31 January 2024
Following this morning’s property transactions announcement, please find a comment below from Maria Harris, chair of the Open Property Data Association.
Maria Harris, chair of the Open Property Data Association, says: “The news that residential transactions have fallen yet again no doubt reflects what was happening when those mortgages were approved last year. In contrast, the latest Money and Credit statistics from the Bank of England show that net mortgage approvals have risen, the third consecutive monthly increase. Add into the mix tumbling mortgage interest rates and the market is starting to look rosier. However, many mortgage holders are still rolling off historically low rates and there is continued pressure on employment and household spending. Housing transaction volumes rely heavily on consumer confidence so challenges to affordability mean further bumps in home moving activity levels. Having accurate and trustable data about our property has never been more important to restore confidence and create certainty on transactions."
