June was the busiest month ever for the UK housing market according to Rightmove. Sales reached a feverish peak as home buyers rushed to buy and take advantage of the stamp duty holiday before the deadline of 30 June. The tax relief opportunity has now been reduced and will return to the normal tax level at the end of September. The high demand pushed the average asking price into an all new high.

The housing market has been seeing a spike of activity despite a global pandemic. In fact, the boost is being credited to the pandemic. Lockdowns and restrictions produced a desire for a dream home that could best accommodate the needs brought about by the pandemic. People desired more space. They wished for private areas to work from home, for children to learn and study, and other areas such as for fitness workouts, home entertainment, and outdoor space that could be enjoyed privately and safely.

The lending market has had strong demand due to the pandemic boosted housing market. Not only are first time buyers anxious to climb onto the property ladder, but home movers and landlords are putting in their offers for properties as well. The result is a busy housing market, as well as a busy lending market. The lending market is not only busy with home buyers, but remortgaging homeowners as well.

According to some recent polls, many homeowners are unaware of why an interest rate is important. It is important, whether in getting the first mortgage by a first time buyer or a home mover or a homeowner obtaining a remortgage. Basically, the interest rate determines how much the borrowing will cost. The interest rate is the cost at which a lender will charge the borrower to obtain a loan.

Homeowners have been busy looking to move home when perhaps they are missing an opportunity right before their eyes. The pandemic led not only first time buyers to the housing market, but homeowners as well. Lockdowns and restrictions made for a new dream home desire to immerge which offered more space in which to work from home, study and learn, workout for fitness goals, and to enjoy a safe outdoor area such as a private garden. However, some homeowners chose to stay put and build their current home into the pandemic lifestyle home of their dreams.

During the pandemic people learned to be as patient as possible. It was understanding with lockdowns that anything that would take time and processing the wait was going to be longer. Home buyers were especially in need of patience as well as homeowners looking to remortgage. The mortgage lending market, which is full of detailed work and collection of information, was slowed by the pandemic and resulting restrictions.