Despite the housing market being effectively shut for part of the year as the coronavirus crisis hit, the number of mortgage approvals made to homebuyers last year was at its highest since 2007.
The Bank of England announced there were 818,500 mortgage approvals for house purchase in 2020, which surpassed the levels seen in 2019 of 789,100.
This comes after the unsurprising record low of 9,400 mortgage approvals in May 2020, but picked up dramatically in the second half of the year.
Experts expect this boom in the second half of the year came as a result of the stamp duty holiday announced in July, with many people wanting to take advantage. However, they are predicting activity to slow down when we reach the deadline next month.
Vik Roda, CEO and Founder of Mortgagez said: ‘You wouldn’t be able to tell there was a global pandemic in 2020 just by simply looking at the consumer banking activity.’
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PLEASE NOTE: Article written 11th February 2021. Information contained within this article is likely to change and therefore should not be relied upon or form part of any form of decision making without seeking professional advice. *
YOUR HOME MAY BE REPOSSESSED IF YOU DON’T KEEP UP REPAYMENTS ON YOUR MORTGAGE
Any guidance and/or advice contained within this document is subject to the UK regulatory regime and is therefore restricted to consumers based in the UK. Any technical or regulatory information contained within this document was correct at the time of producing it but as it may be subject to change it should not be exclusively relied upon when making a financial decision. The Financial Conduct Authority does not regulate advice on Buy to Let mortgages.
Article written: February 2021 060121 MZ000172
