Comment on the Bank of England statistics

01 March 2022

Jonathan Sealey, CEO at specialist lender Hope Capital, said: “The latest statistics revealed by the Bank of England are somewhat promising. While January mortgage approvals for house purchases were down on last year, they were 12% higher than pre-pandemic average.

Once again, these findings are not surprising considering the figures recorded last year would have been fuelled by the looming stamp duty holiday.

The key thing to take away from these stats is that activity is evidently increasing. However, the future of the housing market is still blurred, with many people wondering what direction it will take over the next few months.

The increase in house prices, as well as living costs will understandably affect certain types of borrowers, e.g. first time buyers. Nevertheless, demand is still strong and as a result, there will be opportunities for brokers and lenders alike. The importance of paying close attention to the market, however, has never been so important.”