2021 is set to be a record year for mortgage lending, according to data released by UK Finance this morning, with projections for how the market performed in 2021 revealing that gross lending overall will peak this year at £316bn, a 31% rise on 2020.

According to the figures, total house purchase transactions (including cash purchases) will reach 1.5 million in 2021, 47% higher than 2020 and, in fact, the highest number since before the Global Financial Crisis.

The main driver of lending in 2021 will be for house purchase, (£200bn, up 53% on 2020), whereas homeowner remortgaging activity will be slightly down on last year at £62bn.

Buy-to-let activity has followed a similar path to the residential sector, with purchase activity increasing to £18bn, up 83% on 2020.

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