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Property Market – The Latest

Date: 10th March 2021

When the property market reopened in mid-May last year, pent-up demand, combined with many people reassessing their housing needs following lockdown, led to a surge in buyer demand. Demand was further bolstered when, in July, the Chancellor announced a Stamp Duty holiday, during which the first £500,000 of most residential property purchases in England and Northern Ireland would be duty-free, until 31 March 2021.

Housing market activity robust towards the end of 2020
• According to the latest figures from Nationwide, house prices rose by 0.9% in September and 0.8% in October, taking the annual growth figure to 5.8% in October, the highest rate since January 2015.

• Nationwide also reported that a total of 91,500 mortgage approvals were granted in September, which is well above the August figure of 84,700 and represents the highest level since September 2007.

• Elsewhere, Zoopla reported the size of the home sales pipeline to be 50% bigger than in the same period of 2019, with 140,000 more buyers rushing to buy a home before losing out on the Stamp Duty holiday.

Mortgage payment holidays
• The mortgage payment holiday scheme had been due to end on 31 October, but when a second national lockdown for England was announced last November, the scheme was extended, allowing borrowers who had not yet applied for a mortgage holiday to ask their lenders for a repayment break of up to six months.

Mortgage protection is important
• If 2020 taught us anything, it’s that the unexpected can happen and being prepared is key to ensuring our loved ones are financially secure. This includes mortgage protection cover – ensuring you have the right cover in place should be a priority for 2021.

• We can help with your mortgage search and more. Finding a suitable mortgage and the right protection cover can be challenging, particularly in the current climate, but we can help. We can assess a wide range of mortgages and protection policies and advise on which best suit your circumstances.