The housing market continued its impressive performance into the opening quarter of 2021 with an acceleration in prices and sales activity. Both the labour market and wider economic performance have shown considerable resilience in recent months and further policy support during the Budget will reinforce market activity in the short term. The stamp duty holiday extension will incentivise buying activity and the mortgage guarantee scheme may help first-time buyers enter the market. Furthermore, several local and national lenders have returned to low deposit lending, without availing of the government guarantee scheme, perhaps suggesting an underlying confidence in the market outlook. However, the longer-term outlook remains highly uncertain and market activity may soften later in the year as the furlough scheme and stamp duty holiday supports are unwound.
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Last modified: 12/08/2022