The final quarter of 2021 saw mortgage approvals decrease by 5.3% on the previous quarter (Q3 2021), according to figures from the UK Finance Household Finance Review.
However, approvals remained relatively stable when compared to pre-pandemic levels in Q4 2019 with a decrease of just 1.5%.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “After an unprecedented year for the property market, the final quarter of 2021 saw a slight dip but overall activity remain strong.
“High demand kept the property market moving, driven in large part by the easing of lockdown measures and many homeowners wanting something different from their home amidst the ‘new normal’ of hybrid working.
“It’s likely that we’ll see fewer surges in house purchase activity, but large mortgage maturities throughout the year.
“Brokers’ clients will need support to find the right mortgage for their needs with rising mortgage rates, living costs and house prices to contend with.
“Plus, we’d expect to see first-time buyers making up a significant proportion of the market this year, which will provide opportunities for brokers to demonstrate their expertise and add value at a crucial time for their clients.”
