Paul Stockwell, Chief Commercial Officer at Gatehouse Bank, comments on the Bank of England's Money and Credit Mortgage data for August 2021

“Mortgage approvals continue to sink steadily, giving a sign that the volume of property sales is on course to return to pre-pandemic norms.

“Record high transaction levels seen in recent months, caused by a perfect storm of pent-up demand, the race for space and the stamp duty holiday, look unlikely to be surpassed over the remainder of the year.

“Instead this gradual fall in mortgage approvals suggests that the reinstatement of stamp duty charges, rising property prices and the cost of moving are once again becoming major considerations for potential buyers.”