The property market is still hot with the pent up demand created as a result of lockdown, the stamp duty window and the uncertainty caused by Brexit – all of which is translating into a high volume of sales. The mortgage market has been growing at a rate of knots to support this increased residential activity. Bank of England data shows the number of mortgages approved by banks and building societies for home purchases jumped to 105,000 in November – the highest figure since August 2007, the month immediately before Northern Rock started to fail and the start of the financial crisis. It also shows that the number of monthly mortgage approvals increased by 7,700 when compared to October.
We have continued to operate safely throughout the pandemic which has been challenging at times, particularly with regards to the lack of face-to-face contact with our clients, colleagues and families. I am sure we are all suffering from a little Zoom fatigue! News of the vaccine working its way into the population, however, gives me great hope that we can soon shake hands with our clients and spend time with our loved ones, but until that eagerly awaited moment, we are fully open for business remotely. Given the fact that the volume of mortgage business has actually increased during the pandemic, when the world returns to something like normality, I expect the mortgage market to grow further with more lenders and more innovation, allowing the housing market to go from strength to strength.
In the meantime stay safe.
Your home may be repossessed if you do not keep up repayments on your mortgage
Director - Start Financial Services