Data from the Bank of England showed that in March, records were broken with UK homeowners borrowing a net of £11.8 billion in mortgages. This was the highest net since 1993 when comparable records go back to being fuelled by Rishi Sunak extending the stamp duty holiday in England and Northern Ireland. Alongside this was the low mortgage rates that came in to force in April 2021. This saving meant more money to put into the property i.e new kitchen or bathroom, or more money to put into a deposit. After a tough year following lockdown and Covid-19, this meant those that were planning to move before Covid-19 but had to use savings due to loss or change of jobs, now might be in a better position with the help of the stamp duty extension and low mortgage rates.
However, this has seen a fuel in the market to an extreme whereby there is not enough properties on the market compared to potential buyers. This is reflected with the national average house prices rising 8.6% according to Property Data in February 2021. Between the period of February 2020 and February 2021, the average UK property price rose from £230,609 to £250,341.
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READ MORE: https://www.bbc.co.uk/news/business-56979570