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22 February 2022

John Phillips, national operations director at Just Mortgages commented: “Statistics always need to be taken with a pinch of salt and the transactions data from January was a perfect example of why that is true.

“Seasonally adjusted figures showed an increase month-on-month, but non-seasonally adjusted pointed towards a significant drop in activity.

“The truth – as is usually the case – lies somewhere in the middle. Activity is beginning to settle into a natural rhythm as the fall-out from the stamp duty holiday spikes begin to settle. The number of transactions is slightly up from pre-pandemic January, so it is hard to argue that the market is not in good health.

“One potential issue on the horizon is the rising cost of properties. A record increase was recorded from December to January, and with the cost-of-living crisis set to bite in April, affordability may become an issue.

“This said, the market is still proving its resilience, people are still looking to purchase properties and with interest rates set to increase over the next few years, advice from brokers will remain crucial.”