Savings - not stamp duty - driving buoyant housing market

Jonathan Sealey, CEO at specialist lender Hope Capital, said:

“The findings from the UK Finance Household Review today paint a clear picture of Q1 looking like the foundations for covid recovery we all hoped for.

“As the report highlights, the quarter started with the country in lockdown and as a nation we dug deep to protect finances, but at the same time took advantage of the opportunities offered through support such as the stamp duty holiday.

“We’re all well-aware of the impact that had on the market, particularly for home-movers and landlords where different living patterns and demands emerged as a result of living under lockdown.

“There are also signs that the impact on economic output wasn’t as severe as first feared with sectors such as construction, faring better following the key decision to keep building sites operating through lockdown.

“By the end of the quarter positive momentum had built around the vaccine rollout which has really turned the dial coming into the second quarter, where there has been a real sense of change and desire to act on plans such as house-moving, refurbishments etc.

“Certainly, as a specialist lender we are seeing a significant uptick in activity as the foundation for recovery laid in Q1 looks to be a solid platform for building on for the rest of the year.”

Published: 03 June 2021