Even though there are many stories floating around regarding a potential slow down in the housing market, the number of mortgages being agreed by banks has significantly increased recently.
According to the Bank of England, the country has hit a 13 year high in the number of mortgage approvals for August of 84,700, compared to July’s 66,300.
A huge driver for this has been the recent reduction in stamp duty brought in by the government to keep the housing market active during the pandemic.
As far as we know, the stamp duty holiday will be coming to an end in March 2021, however there have already been numerous u-turns by the government during these unprecedented circumstances, so that date may be extended. Although it does seem like many buyers are taking advantage of this reduction despite a general slow down in the economy overall.
Not only will buyers and mortgagees benefit from this directly, as those selling houses will also see the positive effects of this more active market.
So if you’re thinking of selling your property, and therefore buying a different one, now would be a great time to make the most of the situation being presented to you, before it’s curtailed on a questionable date.