In October, mortgage approvals reached their highest levels in 13 years…
Figures from the Bank of England have shown that despite tighter COVID-19 restrictions, mortgage approvals not only went up but reached their highest levels in 13 years.
In total, there were 97,500 loans approved by lenders in October – the highest figure since September 2007, the month at the start of the financial crisis. Threadneedle Street confirmed mortgage approvals were over 5,000 higher than in September and a third higher than in February – the month before the lockdown.
Pent-up demand from the first lockdown, combined with the Stamp Duty Holiday and the first lockdown affect – people looking to move out of rural areas – have all contributed to the boom in mortgage demand with Google Trends data showing that visits to the three main property portals were up 30% year on year.
This is more good news for High Street estate agents who have seen a property boom this year. And agents with an engaged social media audience and innovative marketing are leading the way with market share in their areas… They have found that offering support to the local community has given them a massive boost over corporate estate agents.
With the New Year approaching fast, it will be the proactive, independent estate agents who will keep market share and take advantage of the property boom.