Paul Stockwell, Chief Commercial Officer at Gatehouse Bank, comments on December 2021's UK House Price Index data
Paul Stockwell, Chief Commercial Officer at Gatehouse Bank, comments:
“Persistent strong demand to move home coupled with low supply meant house prices soared again at the end of last year, but the housing market is beginning to look out of place with what is happening in the wider economy.
“Buyers continue to bid up the price of homes despite the cost of living squeeze, and there remains a strong pipeline of future borrowing, with mortgage approval rates recorded by the Bank of England last December still surpassing pre-pandemic norms.
“It’s a sign that buyers have a lot of faith in the resilience of the property market, and believe housing continues to offer a great deal of financial security, even at a time of wider economic uncertainty.”