House prices reached a record high in August and in September annual house price growth was 5% according to Nationwide. These gains more than cancelled out the Covid19 losses seen in May and June.
“Housing market activity has recovered strongly in recent months. Mortgage approvals for house purchase rose from c66,000 in July to almost 85,000 in August – the highest since 2007, well above the monthly average of 66,000 prevailing in 2019.” said Robert Gardner, Chief Economist at Nationwide.
The rise in activity comes from:
But there are also a large number of significant challenges, with a number of market dampeners. The spectre on the horizon are:
All of this means that mortgage lenders and brokers have never been busier or more uncertain. They are talking to us about supporting them with Advisors, QA and Team Leaders on both a permanent and contract basis.
If you would like to discuss this further please fee free to contact us contact us.