There were 107,190 residential property transactions in the UK in November 2022, which is 0.2% higher than in October and 13.3% higher than a year ago so there has been no sign, so far, of a drop off in transactions in the housing market. However, it is worth noting that transactions in November will be due to mortgage deals that were approved months in advance.

As highlighted in previous updates, most potential homeowners with a fixed-rate mortgage deal that was approved before the financial markets chaos in October post-Mini Budget, will rush to complete the transaction as mortgage rates that low are unlikely to be seen again even in the medium-term.

The number of property transactions in November was also 8.7% higher than the average between 2018 and 2019. The effect of the rise in mortgage rates in October and November is likely to be reflected in transactions in December and early in 2023.

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