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BoE Comment: Housing market "impressive juggernaut"

John Phillips, national operations director, Just Mortgages and Spicerhaart said:

“The housing market is an impressive juggernaut that continues to march forward. While mortgage approvals are down slightly from the peak in November 2020, they are still higher than anyone expected. Undoubtedly, action has been encouraged by the stamp duty holiday and the extension should ensure there is no huge drop-off for the moment.

“However, this is only part of the story. A year on from the start of the first lockdown, what is clear is that the pandemic has spurred people into action. Whether it is those looking to move for more outside space. Or the lack of commute meaning some are choosing to leave the city, in a year where our lives were turned upside down, priorities were shaken up.

“With the extension to the stamp duty holiday, the reintroduction of 95% LTV mortgages and the furlough scheme running till September, the property market should keep moving at a pace and we may see records broken for the first quarter of 2021.”

Published: 29 March 2021