With house prices continuing to strengthen, many buyers are engaged in a race for space.
The extension of the Stamp Duty holiday, and subsequent taper, are helping fuel the market. In June, Andy Haldane the Bank of England’s Chief Economist at the time, spoke at a conference, declaring the UK housing market “on fire” adding “There’s a significant imbalance between incipient demand and available supply of houses, and because the laws of economic gravity have not been suspended, the result is pretty punchy rises in house prices.”
He also cited increased demand from richer households with savings accumulated during lockdown, as a factor adding heat to the market. He believes the market is likely to continue running hot with all these factors at play, combined with ultra-low interest rates.
Catch up on our other blog posts:
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...
Saving for a deposit has been cited as a major barrier to purchasing a home by 59% of people, according to the latest survey from the Building Societies Association (BSA)1. Climbing from 54% in December last year and just 40% last June, raising a deposit is...
Do you think you know how much your home is really worth? Would you be surprised if it was worth much more or much less? Many homeowners’ estimates don’t live up to reality, with 45% of respondents to a recent survey1 undervaluing their property and 25%...
(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.
Get in contact
Or call —02380224925