The Just Mortgages national operations director has stated that the figures showing a rise in the number of mortgage loans being approved indicates that the housing market is strong.
The Money and Credit figures published by the Bank of England show that there were 105,000 mortgage loans approved during the course of November last year – which was the highest number there has been in a single month since August of 2007. Furthermore, these figures also reveal a rise in net mortgage borrowing for November 2020, with this reaching £5.7 billion.
Now, John Phillips from Just Mortgages is suggesting that approvals reaching a height that they have not hit since before the last financial crisis in 2008 is evidence that the UK housing market is strong and adaptable, telling Mortgage Introducer that:
“Despite an incredibly tough year, the housing market continues to progress and our brokers have supported a huge number of people to find the right mortgage product.”
Phillips went on to say that he anticipates a continuation of the housing market holding up strongly this year, although there will be an inevitable fall in the buying and selling of properties as the stamp duty holiday nears its close. He argued that the main reason for this was that lockdown had made people more determined to find their ideal homes.
This will all be welcome news for the mortgage industry, and it is likely to ensure that the number of people choosing to take CeMAP training to become advisors also remains high.