From James Lockett, ProperPR

The latest mortgage approval figures have [recently] been released by the Bank of England showing that there were some 66,964 mortgages approved in November of last year. While this is down slightly on the previous month it remains some way above the forecasted figure of 65,400.

Please find industry reaction below but for any further comment just get in touch with us.

Head of Corporate Partnerships at Sirius Property Finance, Kimberley Gates, commented:

“The stamp duty holiday helped spur a huge flurry of homebuyer activity for much of 2021 and so a steady decline in mortgage approvals was always likely to materialise following the final September deadline. 

However, this decline should be viewed as a return to pre-pandemic normality rather than a sign of dwindling health and the market continues to defy expectation and exceed industry forecasts where topline performance is concerned. 

While this year is unlikely to bring the same frantic market conditions as the last, we don’t expect there to be a significant reduction in buyer demand and therefore any further notable decline in mortgage approval levels.”

Director of Henry Dannell, Geoff Garrett, commented:

“Having reached dizzying heights at the back end of 2020 through to the end of the stamp duty holiday in September of last year, mortgage approval levels have since reduced in the latter part of 2021, as the tidal wave of pent up buyer demand caused by prolonged periods of political and pandemic uncertainty have slowly subsided.

We now expect a far more settled landscape to emerge over the year ahead and while an increase in interest rates may have caused some buyers to pause for thought, those looking to borrow remain in a very favourable position to do so.”