Jonathan Sealey CEO of Hope Capital on the latest BOE figures

Jonathan Sealey CEO of specialist short term lender Hope Capital, said:

“It feels appropriate that on the day Parliament gets to debate the stamp duty holiday, and merits of an extension, it’s revealed we had the largest number of mortgage approvals last year since 2007.

“Today’s Bank of England statistics, which highlight mortgage approvals in 2020 totalled 818,500, underlines the crucial role that has played in driving the housing market back from a record low of 9,400 in May.

“All those connected to the property sector, not least the c138,000 people who signed the petition demanding an extension, will be listening with interest to the outcome of that debate later today. It’s clear that this upward trend that we’ve been witnessing for several months cannot continue if the stamp duty holiday literally ends overnight on March 31, with many transactions still awaiting completion.

“Some imaginative thinking is required by government and a focus from brokers on alternative ways of financing a property purchase, including the role specialist lenders can play, is needed now more than ever if anybody is still hoping to benefit from the saving.”

Published: 01 February 2021