Commentary: Record-high mortgage approvals may not be here for the long-term
We give market commentary when journalists or news outlets approach us directly for comment on specific topics. We share our commentary here too. See below.
This is great news on the face of it and the figures certainly portray a very healthy market. However, it’s probably a little too soon to pop the champagne and wave goodbye to any detrimental pandemic-induced market declines.
In response to the news that mortgage approvals are rising at their fastest rate since 2007:
This is great news on the face of it and the figures certainly portray a very healthy market. However, it’s probably a little too soon to pop the champagne and wave goodbye to any detrimental pandemic-induced market declines.
Pent-up demand, not a long-term trend
Current approvals figures may well be skewed by pent-up demand, as sales that were agreed prior to the pandemic begin slowly moving forward again. But with the concerns around a recession and with the furlough scheme soon to end, it’s unlikely this level of momentum will be maintained in the long-term.
We're already seeing a rise in homeowners contacting us for our "buy my house now" service, which can be an early warning sign that home sellers are finding frustration in the traditional property market.
For the time being, this honeymoon period of mortgage approvals and house price growth will help boost market sentiment. But we could soon find ourselves in a very different place over the coming months.
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In response to the news that mortgage approvals are rising at their fastest rate since 2007:
This is great news on the face of it and the figures certainly portray a very healthy market. However, it’s probably a little too soon to pop the champagne and wave goodbye to any detrimental pandemic-induced market declines.
Pent-up demand, not a long-term trend
Current approvals figures may well be skewed by pent-up demand, as sales that were agreed prior to the pandemic begin slowly moving forward again. But with the concerns around a recession and with the furlough scheme soon to end, it’s unlikely this level of momentum will be maintained in the long-term.
We're already seeing a rise in homeowners contacting us for our "buy my house now" service, which can be an early warning sign that home sellers are finding frustration in the traditional property market.
For the time being, this honeymoon period of mortgage approvals and house price growth will help boost market sentiment. But we could soon find ourselves in a very different place over the coming months.
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