Mortgage uk: completions drop during lockdown - effect on britons
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“Lenders already faced a backlog of applications when the housing market reopened in May and this, combined with high levels of new demand from buyers is adding to operational pressures. “In
some cases, applications are being delayed as lenders continue to adapt to the new normal, while supporting existing customers, in particular those who have come or are coming to the end of
payment deferral periods. “With the government’s furlough scheme set to end in October, it remains to be seen how many jobs will have been saved, and what the shape of the economic recovery
will be.” It is evident the property market is still reckoning with the effects of the COVID-19 crisis. Upon the announcement of lockdown measures throughout the UK in March, the market
effectively ground to a halt.