Mortgage Applications at 12 Year High!

Published October 14 2020
2 minute read

The property market has bounced back strongly after the initial lockdowns and has continued to perform well since restrictions were lifted. Halifax have reported that mortgage applications in the UK have surged to a 12 year high, as house prices rose at the fastest annual pace since mid-2016.

Experts are referring to the market as a ‘seller’s paradise’ with buyer demand higher than the supply of available properties, leading to an increase in house prices and homes often agreeing a sale within just days of becoming available.

Buyers are being encouraged to purchase homes with incentives such as the stamp duty holiday until March and the recent announcement from Boris Johnson introducing 5% mortgage deposits for first-time owners to help create ‘generation buy’.  This, combined with it traditionally being a busy time of year, has led to very high demand for properties, great news for anyone looking to sell.

As always, there are still many first time buyers looking to step onto the property ladder, though currently a very active part of the market are existing homeowners looking to upsize. Many people are reassessing their housing needs and seeking larger properties in order to provide extra space for their families such as allowing for room to work from home permanently.

If you have a property to sell, please visit our website for a free instant online valuation or get in touch with your local branch directly if you would like to book a free market appraisal. We understand that even though you want to sell, you might have reservations about welcoming people into your home, which is why we work hard to ensure our practices are always ‘Covid-Secure’. In fact we have gone above and beyond this and work to a ‘Gold Standard’ ensuring the maximum protection for our customers, communities and staff alike.

We follow strict physical distancing guidelines, wearing PPE to include face masks and gloves and maintain excellent hygiene practices when entering properties or when you visit us in branch.  We also request our customers to comply with these regulations when attending viewings, giving you some peace of mind.

Please visit our website today for a free instant online valuation or get in touch with your local branch directly if you would like to find out more.