This year will be the strongest year for home buying activity since 2006, according to a major industry group of British banks.
UK Finance said the first few months of the pandemic, when the real estate market was temporarily closed, led to expectations that sales would fall, but the reality was very different. Chew “.
Although the official numbers show that Home sales plummeted In the weeks immediately following the end of the stamp duty holidays in England and Northern Ireland, which ended on September 30, this followed a record surge in activity in the second half of 2020 and earlier this year.
In addition to stamp duty holidays, the market was boosted by a variety of factors, including government guarantees for mortgages and a pandemic-induced desire for a new lifestyle. From home.
The latest home price surveys by the UK’s largest mortgage lenders represent the movable property market, which continues to disappoint many experts.National average UK home prices Continued to rise in November The latest price data for Halifax, which will be published on Tuesday, December 7, is now 10% higher than it was a year ago.
In the latest household review covering July-September, UK Finance said: [of 2007–08].. “
The numbers added, “The combined boost to demand from stimulus and social change is more than offsetting all the restraining effects of Covid-19 and the broader unfavorable economic factors.” ..
However, in the coming weeks until the end of the year, home buying activities are less enthusiastic than at the beginning of the year, so the end result is not guaranteed. As with the new Omicron variant of the coronavirus, rising interest rates (which may come early this month) could put a brake on the market.
Looking at other aspects of people’s finances, industry groups said the level of unsecured debt increased in response to spending, but primarily customers continue to pay back their card invoices on time each month. Added. In the meantime, mortgage arrears have decreased overall, but what is called “heavier arrears” has continued to increase.
UK home purchases in 2021 are in the busiest position since 2006 | Housing Market
Source link UK home purchases in 2021 are in the busiest position since 2006 | Housing Market