Richard Pike, sales and marketing director at Phoebus Software:
“The inevitable slowdown in mortgage approvals is apparent in these latest figures but, in the greater scheme of things, the market is still looking fairly healthy.
“We are now heading into uncharted waters however, as furlough ends and we see for the first time the impact that will have on the labour market. We are seeing unprecedented levels of job vacancies that, should those currently on furlough find themselves out of work, could start to be filled. This would give a much needed boost especially to services industries.
“Nevertheless, as Bank of England governor Andrew Baily warned earlier this week, labour and supply shortages are pushing prices up and inflation, he says, is likely to go over the predicted 4%.
“This means interest rates are highly likely to increase before the end of the year.
“So, while lenders continue to offer historically low interest rates the housing market should keep going in its current vein. At least in the short term.”