Mortgage figures in the UK have been distorted by the stamp duty holiday coming to an end, it has been suggested.
Catherine Hearnden, director at MyMortgageDirect, noted many people rushed to get their home loan through prior to the break, which served to make the levels seem better than they actually are.
The industry figure explained the statistics will trail off as a result of the conclusion of the period, because individuals do not have the added incentive to press on with their mortgage plans.
Ms Hearnden observed this thinking is as much psychological as it is financial, adding: “If people actually sat down and analysed it, I don’t think [stamp duty] would make a difference between buying or selling but in their heads it does.”
She was speaking after recent research from Barratt Homes suggested home buyers should make every effort to make sure they are able to get their foot on the first rung of the property ladder prior to the stamp duty door closing shut.
The findings showed anybody looking to take advantage of the tax incentive will have to complete their dealings on a property valued at less than £250,000 by March 24th.
