Thousands of aspiring homebuyers flooded the property market when it reopened last May, as pent-up demand, combined with new enquiries from buyers reassessing their property needs during Lockdown 1.0, created a surge in demand.

This was further intensified by the Stamp Duty holiday.

House prices in the UK climbed 7.5% last year, the highest growth rate for six years. Amongst the home nations, England saw the highest growth last year, with prices up 6.9%, prices rose 6.6% in Wales, 5.9% in Northern and 3.2% in Scotland.

Even as the wider economic recovery lost momentum in recent months, housing market conditions have remained robust and in October, mortgage approvals reached their highest level in a decade.

 

Your home may be repossessed if you do not keep up repayments on your mortgage

Catch up on our other blog posts:

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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(Your home may be repossessed if you do not keep up repayments on your mortgage)

We charge a fee for arranging and advising you on the mortgage. The fee will be dependent on your circumstances but will not exceed £499. (Our typical fee is £299.)

For Lifetime Mortgages/Equity Release the fee will be £799.

Our mission is to provide honest mortgage advice, whilst helping you save money.

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Providing helpful and friendly mortgage advice in Southampton

First Floor, 9 Salisbury Road, Totton, Southampton, SO4O 2HW

02380 224 925

info@southcoastmortgages.com

South Coast Mortgage Services Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority. Registered Office: 59 The Avenue, Southampton, Hampshire, SO17 1XS. Registered Company Number: 08414746 Registered in England & Wales.