BoE housing figures show "perfect storm" for housing market

01 February 2021

John Phillips, national operations director, Just Mortgages and Spicerhaart said,

“2020 has been a perfect storm for the housing market. Despite economic difficulties, there was an avalanche of buyers looking to purchase due to the lockdown. The stamp duty holiday certainly helped, but key motivating factors have been increasing savings, the desire for outside space and the adjustment to working from home. Either looking for an extra bedroom to use as a study, or moving away from the office as people no longer need to commute.

“No-one would have predicted in March that we’d be talking about the best year since 2007 for mortgage approvals, but this is testament to the brilliant brokers and lenders who have weathered the storm. Despite predictions of a cliff edge, we foresee the market going from strength to strength in 2021. The end of the stamp duty holiday is set to be a speed bump, with the market slowing until we are past it, but it will quickly gather momentum again.”