Hope Capital comments on Bank of England Money and Credit November stats

04 January 2021

In response to this morning’s Bank of England Money and Credit stats, Jonathan Sealey, CEO of specialist short term lender Hope Capital, says record-breaking numbers will continue to put pressure on the sector, and also on the Government to act on the SDLT holiday deadline.

He says: “Another record month in mortgage approvals for November is a real positive for the housing market of course. And to see that the strength of activity has almost fully offset the significant weakness earlier in the year demonstrates how powerful the incentive of the stamp duty holiday has been.

“However, it is also likely to add to more pressure on the Government to extend or modify the March 31 deadline for the SDLT holiday. It will also add to pressure on the conveyancing sector as each month they deal with record-breaking numbers of purchases.

“That’s why specialist and short-term finance will play a critical role in the coming weeks, as that pressure increases with buyers hoping to complete their purchase before the end of March. Buyers and brokers need to look at alternative ways of getting the deal over the line at speed, and the specialist finance sector is in a position to make that happen.”

Bank of England Money and Credit stats