UK Property Transactions Soared As Buyers Rushed To Lock In Cheaper Mortgage Deals
New research reveals that the number of UK residential property transactions increased nearly a third year-on-year in July as buyers tried to outpace mortgage rate rises*. (*Source: HM Revenue & Customs).
On a non-seasonally adjusted basis, total transactions came in at 110,970, 32% higher than July last year, and a 7.2% increase on June 2022. Seasonally adjusted, residential transactions reached 104,470 in July, which is 36.7% more than last year.
Data from Propertymark also reveals that demand remained strong in the summer and that there was not enough stock to go round, with the number of new potential buyers seven times higher than new homes coming to the market.
This surge in property transactions has also been seen by Offr, the proptech platform digitising the buying, selling and leasing process for real estate agents and buyers. Between June – August 2022, Offr recorded that properties moved to sale agreed, five days quicker than the previous year.
Philip Farrell, CCO & Co-Founder of Offr, commented: “Negotiations are likely to become harder., with the rising cost of living and mortgage rate increases. With 7:1 new buyers to new homes ratio, and buyers looking to complete before further interest rate rises, the competition is fierce.
“Increasingly, agents are looking for ways to stay ahead of the competition and build a strong point of difference. We are helping agents deliver a better service to vendors and buyers by speeding up property transactions through digitising over 85% of the process.
“Up until now, property transactions have largely been restricted and confined domestically, with no easy, fast, and secure way of buying properties cross-border available.
“Our white-label platform allows buyers to securely submit qualified offers at the click of a button, anytime, anywhere and close deals on real estate agents’ own websites. Offr’s technology enables estate agents to handle and manage more instructions by streamlining the offer submissions and management process. Agents are kept up to date in real-time, track the progress of a sale or lease on their mobile device or laptop, in real-time, with instant alerts when an offer is received, if there is an upcoming viewing, or if legal documents have been updated.”
Offr has two offices in London and Dublin. All the technology has been designed and developed in-house, with no outsourcing. Offr provides a range of digital alternatives to all possible transaction types: Private Treaty, Auction, Tender, New Homes, Commercial Sales, Residential Lettings, Commercial Leases.
Offr has commercial partnerships with DocuSign; Oooba, the largest mortgage provider in South Africa; Onate, an alternative mortgage provider in Ireland; and Thirdfort, a fast-scaling provider of Identity as a Service, and Anti-Money Laundering checks in the UK
Customers include well known international estate agency brands such as Knight Frank, Cushman & Wakefield, Savills, as well as Irish firms including Lisney, Sherry FitzGerald, CBRE, and Quillsen, alongside a myriad of independent firms.
For further information please visit visit offr.io or email info@offr.io.
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