31 July 2026
If you are covering the latest monthly property transactions data, please see the following comment from Ian Futcher, financial planner at Quilter:
“UK residential property transactions came in at 98,700 on a seasonally adjusted basis in June, up by less than 1% compared with May and only 2% higher than the same month last year.
“It’s worth noting that these transaction figures are inherently backward looking, reflecting deals agreed several months ago. Since then, households have faced renewed geopolitical tensions in the Middle East, a clouded global economic outlook and continued uncertainty around the path of interest rates.
“A clearer picture comes from the wider lending backdrop. The Bank of England’s money and credit data released this week showed net mortgage borrowing rising to £7.7 billion in June from £3.3 billion in May, while approvals for house purchases increased to 58,200. However, approvals remain below the previous six-month average of around 61,400, suggesting that while buyer activity has picked up, the market is still some way from a full recovery.
“The increase in mortgage borrowing and approvals suggests underlying demand remains intact, but the challenge is that many prospective buyers continue to face affordability constraints and uncertainty over the economic outlook, limiting the pace at which activity can recover. While the Bank of England held rates yesterday, many buyers are still looking for greater confidence that borrowing costs will move lower before committing to a purchase.
“While stronger mortgage borrowing activity provides some encouragement that transactions will pick up in the months ahead, approvals remain below recent norms and buyer confidence remains fragile. Until affordability improves and households feel more certain about the outlook, transaction volumes are likely to remain subdued.”
