Gross mortgage lending should set a new record of £316bn in 2021, an increase of 31% from 2020, according to reports from leading financial service firms.
House purchase activity has been the main driver (£200bn, up 53% on 2020), while homeowner remortgaging activity will be slightly down on last year at £62bn.
Buy-to-let lending is expected to rise by 83% year-on-year to £18bn this year.
However, the market should cool next year, with £281bn of lending projected in 2022, before rising to £313bn in 2023.
This is due to the removal of demand stimulus from the stamp duty holiday.
Marc Dueck, Director at ME Financial Services said, ” We certainly feel there will be a lot of stability bought back to the mortgage lending market in 2022. Smaller deposit mortgages are becoming much more accessible and competitive.
ME Financial also predicted the resurgence of homemover activity to continue firing up the housing market going forward.
This is because of changing attitudes around working from home, with many businesses integrating this into their longer-term policies.
Refinancing activity will pick up modestly next year but accelerate somewhat in 2023, as higher volumes of fixed rate deals, including five-year deals taken out in 2017, are set to end and the loans become eligible for refinancing.
Property specialist Centrick has invested in new technology which enables its valuation team to increase the quality, efficiency,...
The Build to Rent sector is one of the fastest-growing property formats in the UK, with supply...
November is coming to an end – Christmas lies on the horizon, and New Year’s Day is...
Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.
If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.
Keeping these cookies enabled helps us to improve our website.
Please enable Strictly Necessary Cookies first so that we can save your preferences!