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Mortgage lending is expected to top £316bn by the end of 2021 after house sales rose to their highest level since the financial crash.
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In the UK gross mortgage lending is expected to peak this year at £316bn, up 31 per cent on 2020 as it receives a boost from the UK stamp duty holiday. Next year lending is expected to moderate to £281bn before increasing to £313bn in 2023, according to new data from UK Finance.
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James Tatch, Principal, Data and Research at UK Finance, said, “2021 has been a bumper year for mortgage lending amid the stamp duty holiday and homeworkers moving from cities. The outlook for the housing and mortgage markets over the next two years is for a return to more stable, balanced picture following the upheavals of the last two years.”
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Total house purchase transactions are expected to reach 1.5m in 2021, some 47 per cent higher than 2020 and the highest number since before the Global Financial Crisis. Buy-to-let activity has followed a similar trend to the residential sector, with purchase activity increasing to £18bn, up 83 per cent on 2020.
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Read about the UK Housing Market via our Specialist Residential & Buy to Let Division
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While housing market will inevitably soften in 2022 as the demand stimulus from the stamp duty holiday will no longer be a factor boosting house purchases other Covid-19-triggered behavioural changes could provide continued impetus according to the report which predicted a resurgence in homemover numbers following a decade of stagnation.
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By LILY RUSSELL-JONES
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Source: City AM
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