John Phillips: "2021 was anything but a traditional year"

Phillips said: “Now we have data for the entire year, we can look back at what has been a rollercoaster of activity."

John Phillips: "2021 was anything but a traditional year"

"The festive season traditionally signals a slowdown in property moves, but 2021 was anything but a traditional year," according to John Phillips, national operations director at Just Mortgages.

 

The provisional non-seasonally adjusted estimate of UK residential transactions in December 2021 was 113,470, 14.6% lower than December 2020, according to the monthly property transactions data from HMRC.

However, the number of transactions in December was 11.8% higher than November 2021.

Phillips said that the increase in transactions from November to December was significant, and demand for properties has continued to remain high.

He added: “Now we have data for the entire year, we can look back at what has been a rollercoaster of activity.

"2021 was characterised by significant spikes in transactions, however in the final couple of months, activity looks to be settling somewhat.

“This increased impetus to move looks to be a long-term trend.

"There have been roughly 300,000 more transactions in the financial year to date – April to December - compared to the same time period from 2020 to 2021."

He went on to explain that the ‘new normal’ appears to be here, and he does not believe 2022 will have the same spikes in activity as 2020 and 2021.

However, he said the underlying desire to move home has continued to remain strong. Due to this, Phillips believes the next 12 months look set to be another great year to be a broker.

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