Halifax reports a doubling in mortgage applications

In June, mortgage applications from first time buyers rose 96 per cent compared with May, as buyers look to step onto the housing ladder after months of lockdown.

Halifax also reported a 150 per cent increase in agreements in principle (AIPs) being completed digitally compared with last month, demonstrating the nation’s desire to quickly get back to their future housing plans.

East Anglia, the North West and the North are proving some of the most popular choices for those looking for a new home after lockdown, with mortgage applications already higher in these regions than pre-Covid 19 levels.

Greater London and the South East are still the most sought-after regions for buying a home overall. However, they have not returned to their pre-lockdown levels of popularity.

This comes as new research from Halifax reveals that over half (57 per cent) of workers, since working from home, now think that there is less need for people to live in a city and proximity to their office is no longer an important factor when purchasing a property.

Since the beginning of March, Halifax has granted over 300,000 mortgage payment holidays. Three quarters of households who took out mortgage payment holidays said they feel confident to restart payments at the appropriate time.

Tom Martin, mortgages director at Halifax, said: “The initial boom in mortgage application enquiries when the housing market reopened in May was very much anticipated.

"As the high influx of calls continues throughout June, we’re also beginning to see a clear shift in where people are now looking to buy homes, with the likes of East Anglia and the North West already more popular than before lockdown.

"This may reflect how people see their lifestyles changing after the pandemic, with greater flexibility to work from home and a desire for more outdoor space."