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Post-Pandemic Mortgage Applications

2021 was predicted to be the year that the housing market recovered. After the lockdown froze the housing supply chain, there was a boom in demand as people came out of the pandemic. Aided by the Stamp Duty holiday, the mortgage market was also booming.

At the beginning of 2021, UK mortgage approvals rose to the highest level on record in the last 13 years. In fact, November 2020 showed the highest figure for mortgage approvals by banks and building societies since August 2007 – a staggering 105,000.

Towards the end of 2020, the number of monthly approvals was increasing month-on-month by 7,700 showing an exponential boom in the mortgage market.