Mortgage market Q3 - UK Finance

UK Finance has published its Household Finance Review - Q3 2021. Whilst it deals with a variety of household finance matters, the mortgage market reflects what is going on with property. In Q3, mortgage figures showed a sharp drop following the peak in June which was just before the end of the stamp duty (SDLT) exemption. Having said that, activity in the market remained strong. Indeed, the report indicates that unless there is a significant reversal in the market, property purchase transactions in 2021 will reach their highest level since the peak in 2006, which was just before the global financial crisis. The report found that home movers were responsible for a high level of the activity due to their disproportionate benefit from the SDLT exemption and their desire for more space at home. In addition, as most people were remote working, they felt able to leave city areas feeling less constrained by the need to commute and looked to get more for their money in other locations. Read here.