Sunday, 16 January 2022

Mortgage lending up by a fifth on last year

Mortgage lending up by a fifth on last year

MOMENTUM in the housing market is continuing to build, with mortgage lending by building societies up 22 per cent compared to the same period last year.

Andrew Gall, chief economist at the Building Societies Association, said: “The strong level of mortgage lending activity in the third quarter by building societies, and across the wider market, suggests that the tapering of the stamp duty holiday has not been a major barrier to property purchase.

“It is likely that households will continue to re-evaluate their housing needs in the post-pandemic world, which will to continue to support demand into the new year.

“The Bank of England is sounding like it is ready to increase the Bank Rate from its historically low level of 0.1 per cent over the coming months.

“While this may see some mortgage rates rise, the vast majority of households are on fixed-term products and so won’t see any immediate change to their monthly repayments.”


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