Commenting on the Bank of England Money and Credit figures released today John Phillips, national operations director of broker firm, Just Mortgages, said: “The increase in approvals to levels we’ve not seen since the last recession shows the incredible resilience of the housing market. Despite an incredibly tough year, the housing market continues to progress and our brokers have supported a huge number of people to find the right mortgage product.
“Looking ahead to 2021, despite expectations of a drop in activity as we approach the stamp duty holiday deadline, we anticipate the market will keep performing well. Beyond the stamp duty holiday, recent transactions have been motivated by people’s priorities changing. With working from home becoming the norm for many, an extra bedroom to use as a study has been high on the priority list. And looking ahead to warmer weather, there will be plenty looking for a garden so if there is another lockdown, they have space to get out and about in. With vaccines being rolled out, we expect confidence to build in the property market and 2021 should be another strong year.”