New mortgage approvals surged to 84,700 last month, as Greggs, John Menzies and Card Factory are all hit by the pandemic
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The summer is usually a quiet time for estate agents and lenders, as people are more interested in summer holidays than property viewings. But not this year….
The Covid-19 pandemic “completely upended” the UK property market in August, says Hina Bhudia, partner at Knight Frank Finance:
Interest rates remain ultra-low and the cheap cost of debt is driving a significant amount of this activity.
“Most of the activity we’re seeing is at sub 75% loan-to-value and the lenders all want a bigger slice of that market. That means the choice of products for borrowers at that level is growing every day.
Here’s some snap reaction to the UK mortgage figures:
Striking evidence of bounce in #UK #housing market activity since restrictions on activity were removed, reinforced by raising of Stamp Duty threshold as #mortgage approvals for #house purchases at near 13 year-high in August. Doubts remain over outlook
https://t.co/T8h5VdtvZR
UK mortgage approvals climbed to a 13-year high in August, supported by the government’s stamp duty holiday https://t.co/yA1TO7VZ41 pic.twitter.com/ZYnHNphg5a
