Guy Harrington, CEO of residential lender Glenhawk:
“The UK housing market is closing what has been a tumultuous year with a flourish. With over 100,000 property sales completed in October, the highest single month figure since 2016, and mortgage approvals at a 13-year high, consumers are yet again defying the economic headwinds. The stampede to complete transactions before the stamp duty holiday ends in April continues to fuel this artificial mini boom, even as we head for what some are predicting will the worst recession in 300 years. Extending the stamp duty holiday looks likely to be the only way to avoid a painful market slump, although this type of artificial government stimulus never ends well.”