81,338 mortgages were approved in June 2021, 21% above the 2014 to 2019 June average. Despite house prices increasing to an all-time high, mortgage payments haven't followed suit. Mortgage rates are close to an all-time low, so affordability has remained in line with the long-term average.
First-time buyer lending is up 25% on last year (Zoopla), thanks to low mortgage rates and increased availability of high LTV mortgage products. With many searching for larger properties and more space, the number of properties available for first-time buyers has remained steady, average asking prices in this market are up 3.4% year-on-year (Rightmove).
Managing Director, Dee Quealy, comments:
“These numbers are very strong, reflecting the property market frenzy as buyers tried to beat the stamp duty holiday tapering off at the end of June. However, they don’t reflect whether this level of frantic market activity is able to be sustained. We will be looking very closely at the next set of figures for mortgage approvals as they always provide a valuable indication of the direction of travel for the property market.
One factor that is likely to keep the property market moving for both purchasers and those re-mortgaging is interest rates and the current burst of fixed-rate deals that are being revealed. It appears that lenders are determined to keep the momentum going, and with two-year fixes as low as 0.75%, there is plenty of motivation for borrowers.”
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Source: Dataloft, Bank of England
20 March 2022
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