Comment BoE figures: "Still plenty of desire to buy properties"

John Phillips, national operations director, Just Mortgages said: “After the rush to meet the stamp duty deadline, we were inevitably going to reach a period of calm, as the urgency to move has been removed somewhat.

“There is still plenty of desire to buy properties however, as although approvals for house purchases dipped in July, they were still above the pre-pandemic average.

“Those who are looking to move are benefiting from lenders’ incredibly low rates, and competition between lenders may see these rates continue to fall.

“The summer months are traditionally quieter for purchases, however the number of remortgages should spike. There was a small increase from June to July, and this trend should continue for the rest of the year as mortgages reach maturity.”

Published: 31 August 2021