What does the future look like for the housing market? - Comment on the UK Finance Household Finance Update from Richard Pike at Phoebus Software
Richard Pike, Phoebus Software sales and marketing director, says “As we return to some sort of normality we have to ask ourselves what the future looks like for the housing market? Although arrears are still low the truth is that we have no idea how many people will be returning to work after furlough comes to an end. Worst case scenario says that lenders should be prepared to see more people coming into difficulty and have plans in place to help those that are struggling. There is a lot of recruitment activity in the collections space which reflects this. Having said that the amount of money that people managed to save during lockdown may provide a cushion while the return to work gathers pace and people discover their long-term employment status.
“There is still plenty of activity at the moment and the economic outlook is better than we could have expected, so we wait to see whether the same will prove to be true for the housing market.”
Published: 02 September 2021