House prices continue to rocket, with the Nationwide House Price Index1 revealing annual house price growth of 13.4% in June, the highest level since November 2004. 

The extended Stamp Duty holiday, in addition to the new mortgage guarantee scheme and changing property priorities (for example a desire for gardens and home offices), are all factors behind this rocketing demand.

Zoopla2 predict that 1.5 million homes will change hands this year, which equates to £461bn of sales. This would make sales 45% higher than last year and 68% higher than 2019! It would also make 2021 the busiest year for property since 2007 – and one of the top 10 busiest years since 1959.

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.

Sources: 1nationwidehousepriceindex.co.uk ; 2zoopla.co.uk

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MORTGAGE LENDING CONTINUES TO SOAR

MORTGAGE LENDING CONTINUES TO SOAR

Mortgage lending has soared to record levels, according to latest data from the Bank of England1, which reveals that gross advances in Q1 totalled £83.3bn, which represents a 26.5% increase on the same quarter in 2020 and the highest level since Q4 2007. Impact of the...

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