Richard Pike, Phoebus Software sales and marketing director says, “Despite this fall in transaction volumes, a fall of 11% from May and the lowest level since November last year, this figure does not reflect the expected collapse of transaction numbers that many predicted as a result of squeezed household income, rising rates and tighter affordability conditions imposed by lenders. Despite the drop in monthly completions, the mortgage market continues to be resilient, underpinned by robust house prices with a year-on-year increase of 13% reported in May. Although completion times are being stretched because of resource issues in conveyancing, fundamentally there remains an appetite from lenders to lend and borrowers to borrow.

“There is of course the expectation of further rate increases as inflation continues to rise and this will have an impact on affordability in the future but the greatest unknown in the mortgage market currently is what focus and priority the new prime minister will have on the housing sector.”