Ext to furlough crucial for housing market

03 March 2021

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

“The extension to the furlough scheme is arguably the most important announcement for the housing market. This addition of stability will certainly help lenders, brokers and clients as we head towards normality. The light is beginning to shine at the end of the tunnel and once the country reopens, having an extra few months for the economy to recover will hopefully ensure a strong and quick bounce-back.

“The extension to the stamp duty holiday will also encourage activity. However, with the already full pipeline, buyers will need to move quickly to get deals over the line. When we do approach the end of the holiday, there will be a slight dip in activity, however the incredible appetite in January and February demonstrates that the market will continue to move regardless.

“The introduction of government backed 95% LTV mortgages will help those with smaller deposits get onto the ladder. This is an extremely welcome introduction, and the chancellor indicated that some lenders will be able to transact these loans next month, which will help the housing market continue to thrive.”