Richard Pike, sales and marketing director at Phoebus Software, said: “Although the outlook is one of harder times to come we have to be encouraged, in the short-term, that monthly completed transactions are higher now than they were at the same point in 2019. It appears that despite, or because of, the threat of rising interest rates there was plenty of impetus for people to buy or move in the first quarter of this year.   

“Whether that same impetus will remain now that we have seen the first rate rises is debatable.  However, it has to be said for those of us that remember the eye-watering rate of 17 percent in 1979, current rates are still very low. It all now depends on how many more increases the Bank of England feels will be necessary to bring inflation under control, and how that will translate for mortgage borrower rates later this year.”