Strongest year since 2007 for house buying

THIS year is likely to be the strongest for home buying activity since at least 2007, according to a trade association representing mortgage lenders and other financial firms.

Home mover activity fell away following the ending of a recent stamp duty holiday, but has remained positive, with activity strongest away from the South, UK Finance said.

It said provided there is not a full reversal of activity as the year draws to a close, “purchase activity in 2021 is likely to reach the highest since 2007”.

The number of purchases in 2006 was slightly higher than in 2007 – and UK Finance believes this year’s total may even potentially surpass 2007 levels and be the highest since 2006.

But with a few weeks still to go until the end of the year – and house purchase activity now less frenzied than it was earlier on in the year – the outcome is not yet certain.