By the end of January, AML market activity in the property sector will have increased by 45.3% versus December of last year, according to data from Credas Technologies.
The projection represents a rise of 21.6% when compared to January 2022, and Credas believes the spike of activity suggests those predicting the catastrophic decline of the market in 2023 have done so both prematurely and incorrectly. The company said its historic data had already mapped a number of previous market trends.
Following last September’s disastrous mini-budget and the resulting turbulence seen across the mortgage sector, Credas also saw AML activity drop at an average rate of 8.1% per month between October and December 2022. However, the company believes 2023 has seen a degree of stability return to the market and the latest figures suggest that the market has bounced back at a considerable rate.
“We saw a heightened level of market turbulence following last September’s mini-budget which caused an immediate decline in property market activity, at which point the property sector naysayers re-emerged to once again make predictions of doom and gloom,” said Tim Barnett, CEO of Credas Technologies.
“However, our ahead-of-the-curve insight suggests that the property sector has bounced back at an impressive rate when compared to the decline seen during the final quarter of 2022.
“Whilst nobody has a crystal ball, what our data does indicate is that those who have made the most dire of predictions for the housing market in Q1 may well prove to be wildly pessimistic. Early indications are that the outlook is much healthier than many have so confidently predicted,” Barnett added.