Richard Pike, sales and marketing director at Phoebus Software, commented: “The Bank of England’s figures this morning confirm what UK Finance member’s statistics reported earlier this week, that July was a good month for the mortgage market. Since then we have also seen the National Association of Estate Agents (NAEA) suggest that the number of house hunters that registered homes for sale in July also rose, whilst the Land Registry data showed that there was a 15.3% increase in the number of new homes sold. This all points to a healthier market than we saw earlier in the year.
“We do have to ask whether this particular turnaround is as a result of the uncertainty of what may happen after October 31 when the UK leaves the EU? It is only natural that people are looking to the future and wondering how the market will fair post-Brexit. If, as some predict, there is a slump and house prices fall immediately after our exit then what we are seeing is homeowners looking to secure the best prices for their property now. However, this could mean a glut of properties coming to market at a time when overall confidence is teetering between ‘keep calm and carry on’ and ‘keep calm and do nothing’.”