In their Money and Credit report released today, it was revealed mortgage approvals for house purchase in 2020 (818,500) were higher than in 2019 (789,100).
On top of this, net mortgage borrowing remained strong at £5.6billion in December and household deposits increased by £20.9 billion in December, the strongest since May.
Much of the demand seen in 2020 was attributed to the changes the Government made to stamp duty rules and Jonathan Sealey, the CEO of Hope Capital, commented on this: “It feels appropriate that on the day Parliament gets to debate the stamp duty holiday, and merits of an extension, it’s revealed we had the largest number of mortgage approvals last year since 2007.
“Today’s Bank of England statistics, which highlight mortgage approvals in 2020 totalled 818,500, underlines the crucial role that has played in driving the housing market back from a record low of 9,400 in May.
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