29 February 2024
If you are covering the latest UK monthly property transactions data, please see the following comment from Karen Noye, mortgage expert at Quilter:
"New data from HMRC this morning reveals that while there was a 2% uptick in property transactions to 82,000 in January 2024 compared to 80,500 in December 2023, the first rise in transactions since August 2023, this marks the lowest level of seasonally adjusted residential transactions in January since 2013.
“Much of the month-on-month uptick can be attributed to the lowering of mortgage rates seen at the start of the year. Mortgage rates have since been increasing after the period of welcomed decline, which could cool the market further.
“The overall market stability remains dependent on the Bank of England's interest rate policies and broader economic factors. If the Bank begins lowering its base rate later this year as expected, it would present a more favourable borrowing landscape. Such a move would see a reduction in mortgage rates which could pull prospective buyers out of ‘wait and see’ mode and accelerate the housing market’s recovery.
“Reigniting the property market is something the government is likely exploring ahead its spring budget next week. Rumours of the return of 99% mortgages could be its attempt to get more first time buyers into the market which could help boost transactions further up the chain too.”
Megan Southwell
External Communications Manager
Notes to Editors:
About Quilter plc
Quilter plc is a leading wealth management business, helping to create brighter financial futures for every generation.
Quilter plc oversees £157.4 billion in customer investments (as at 30 June 2026).
It has an adviser and customer offering spanning financial advice, investment platforms, multi-asset investment solutions and discretionary fund management.
The business is comprised of two branded segments: Quilter and Quilter Cheviot.
Quilter encompasses the financial advice network and national, Quilter's investment platform and multi-asset solutions and Quilter Invest, the digital savings and investment app.
Quilter Cheviot is a discretionary fund management and financial planning business.
This press release is for journalists only and should not be relied upon by financial advisers or customers.
Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.
This communication is issued by Quilter plc. Registered office: Senator House, 85 Queen Victoria Street, London, EC4V 4AB, United Kingdom. Registered number: 6404270. Registered in England.
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