The latest UK monthly property transactions data from HMRC has revealed that the provisional seasonally adjusted estimate of UK residential transactions in November 2021 is 96,290, 16.4% lower than November 2020 and 24.3% higher than October 2021.
Stuart Wilson, corporate marketing director at more2life, said: “November activity was reflective of that witnessed earlier in Q4. While activity did not reach the levels seen during the stamp duty holiday, it still remained high, spurred on by the record low base rate. At the older end of the market, we continued to see older buyers using equity release to purchase their dream home, with the average property purchased with the support of equity release costing £362,742, over £7,500 higher than the average for all properties.
“That said, 2022 looks likely to be another uncertain year, with further restrictions seemingly likely to be put in place by the government and the Bank of England raising interest rates for the first time in three years. Against this backdrop, equity release will continue to be an important financial tool for many homeowners, whether that’s to help them fund day-to-day costs, help loved ones financially or move to a home more suited to their needs.”
John Phillips, national operations director at Just Mortgages, added: “While the highs of the year have been incredibly high, the lows have not been particularly low, and the year is on track to break records for transactions.
“Following the expected dip in activity in October, transactions bounced-back and November gave us yet another example of the resilience of the property market. The market is beginning to settle, but we may not get a true picture until the second quarter of 2021.
“Mortgage rates will inevitably rise slightly in response to base rate increasing, but this shouldn’t impact affordability significantly. The only real concern on the horizon is the seemingly never-ending increase in house prices. While this appears not to have deterred too many buyers, there will come a point where some begin to baulk at prices and decide to postpone purchases.”