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Transactions in England, Scotland & Wales fell 8.9% YOY in June. During the first six months of this year, completions are 5.0% lower than in H1 2017. The Spring market hasn’t been as strong as previous years, and this chimes with other data showing a softening in the market.
Bank of England mortgage approvals are a good indicator of future transactions. Mortgage approvals continued to tick upwards in June, rising 5% YOY. So far this year, mortgage approvals are up 0.4% compared with the same period last year. This is mainly driven by re-mortgages as consumers try to fix rates before future interest rate hikes.
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