Adam Oldfield, chief revenue officer at Phoebus, says:

“Seeing that net mortgage approvals rose in January is an encouraging sign for the coming months, which is good news particularly when HMRC has also reported this morning that residential transactions fell in January.”

“There are so many conflicting reports regarding the UK housing market, however. House prices falling, house prices rising, mortgage rates rising, lenders cutting rates, swap rates rising. The truth I suspect is somewhere in the middle, but lenders are the ones caught in the middle. Managing the complexities of reaching lending targets, whilst ensuring exposed borrowers are identified and managed, is paramount while the market remains in something of a flux.”