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

“There remains very high demand in the market and that’s going to be reflected in property price behaviour over the remainder of this year.

“Gross mortgage lending is still keeping up with the average recorded over the past year and the pipeline of future borrowing strongly suggests that it hasn’t just been the stamp duty holiday driving incredibly high demand over most of that period.

“Approvals for house purchases are still riding relatively high and exceeding pre-pandemic levels. Prospective buyers remain keen and high valuations are clearly not putting them off. This is a strong indication that house prices are unlikely to cool dramatically in the coming months given the low supply levels especially at low and mid-market value points.”