Phoebus comment on HMRC property transaction data

30 April 2026

Richard Pike, chief sales and marketing officer at Phoebus Software, commented:

“What we’re seeing with March’s completions data is a pipeline built before the Iran conflict. The impact of the resulting market volatility on the UK housing market won’t be fully apparent until late Spring, early Summer, when we’ll start to see how higher mortgage rates have affected demand for properties. Last week’s Rightmove HPI data shows buyer demand has fallen compared to April last year but remains resilient despite the higher borrowing costs. My view is buyers will be more cautious and selective in the current climate, but demand will remain steady.

“All eyes will be on the Bank of England at noon today, but unless the MPC surprises the market, I don’t expect to see a sudden move on mortgage rates, which have already been priced on swap rates.”