As we head into a new year, there are always the same questions on our minds - how will the year unfold and how will we adapt to any changes along the way?

Of course, there are always plenty of commentators that suggest we may see a slowdown of property transactions. However, recent data from the HMRC shows that while residential property transactions dropped very slightly between October and September last year, the number of cases still remained higher than pre-pandemic levels. October 2022 for example saw considerably more transactions than October the previous year.

Purchase activity is only one part of the market and we could see an increase in re-mortgaging, certainly if rates continue to fall off their recent highs, which evidence suggests.

Re-mortgaging is often a catalyst for purchase activity - people investing in additional or second homes or accessing equity to support family members with their purchases.

So, while 2023 looks like a year that we will see much greater collaboration and commitment between buyers and sellers, even lenders adjusting rates are still keen for business. This makes for a far more balanced market and also ensures that we will continue to see positive business levels throughout the year as a result.