The lender has also predicted that property transactions could rise from 1.019 million in 2023, to 1.3 million in 2029, which would contribute to an anticipated lending rise of 41% from £224bn in 2023, to £315bn in 2029.
The report also detailed lending patterns, including that one in six first charge mortgages fall into the specialist finance category, with the number expected to rise above 20% by 2029, according to Together’s residential property market report.
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The findings also detailed that 40% of those who had considered ‘specialist’ or ‘non-standard’ had never tried to acquire a mortgage.
Commenting on the lender’s predictions, Chris Baguley, group channel development director at Together (pictured above), said: “Our research and forecast suggests that the residential property market is on the verge of a revival after the recent down-turn.
“However, many individuals will continue to face challenges accessing the finance they need as a direct consequence of the economic hardship the UK has faced over the last two to four years.”
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