MAB comments on January property transactions

Head of Lending at Mortgage Advice Bureau, Brian Murphy, has commented on the HMRC’s number of property transactions for January.

“Strong market conditions prompted a solid annual increase in the number of residential transactions this January, despite the typical monthly fall from December as activity from buyers and sellers tapered off after the end of the year.

He said that house prices have risen over the past year, but buyers have had support from moderate increases in annual income and low mortgage rates*.

“Policymakers need to work hard to ensure that the market is accessible for first-time buyers and borrowers on modest incomes. While conditions are good for those who can meet affordability criteria and raise a deposit, it is important to ensure that a diverse range of prospective buyers are supported in accessing the housing market.”

*Based on Opinium Research among 2,002 UK consumers, May 2014