With pent up demand from buyers exiting the lockdown, coupled with the stamp duty holiday announced by the Chancellor (up to £500,000) the property market has experienced a boom with property prices reaching all-time highs. We believe extreme caution is warranted here, with furlough being phased out in October along with an expected sharp rise in the unemployment rate, both commentators and mortgage providers are fearful of the future.

We leave you with a comment from the Sunday Times “Deluged by demand and fearful of price falls, big banks are pulling back from the riskiest end of the home loans market.”

Source: The Sunday Times – 20.09.2020