BOE will help ensure ‘demand for mortgages remains high’

Posted: 16/11/2020

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The high demand for mortgages witnessed since the UK emerged from the first Covid-19 lockdown should continue, despite the latest coronavirus restrictions, thanks partly to the Bank of England’s decision to boost its quantitative easing stimulus package by £150bn.

The housing market has seen heightened levels of interest from buyers seeking to press ahead with their housing plans since reopening in May, with many purchasers looking to take advantage of the current stamp duty holiday.

“The government’s stamp duty holiday has helped to encourage many hopeful buyers to press ahead with their homeownership plans, providing a much-needed boost to the economy”, said Kevin Roberts, director, Legal & General Mortgage Club.

To help support the UK economy amid a resurgence of Covid-19 cases, the governor of the Bank of England, Andrew Bailey, said it was important that policymakers acted “quickly and strongly”, which is why the Bank yesterday announced a further £150bn of support.

Policymakers have also kept interest rates on hold at a record low of 0.1%.

From Key One Property - home of the 0.5% sale fee.

NB: Sale fee subject to t&cs. This article is a comment/opinion peice and should not be relied upon for investment decision making. 

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