UK mortgage approvals rising again
It has been revealed that mortgage approvals in the UK reached a two-year high in November amid signs that interest in the property market is starting to reappear again. The figure of just under 45,000 new approvals is over 150% higher than the same time last year, a time which turned out to be the bottom of the UK property market. So where do we go from here?
While some analysts are focusing on the fact that last month's figures are compared to the low of the market in recent times, there is no doubt interest has picked up. The actual amount of net mortgage lending (stripping out redemptions and repayments) also reached a high of £3.3 billion which is the highest on record since February. However, when you also take into account that winter time is a relatively quiet time for the UK property market, there is perhaps scope for real optimism for the future.
As we approach the end of 2009 all eyes are now turning to 2010, a time which many believe will be a pivotal year in the life of the UK property sector. If the recent increase in activity continues then we should easily sail through the troubled waters but if the financial storms start to brew again then we could have more trouble just around the corner.
Share this..
Related stories
When £50 Billion Is Not Enough To Save The Housing Market
Much like we speculated on this site just a few days ago, it looks as though the government and Bank of England may be forced into extending the £50 billion asset swap deal announced earlier this year. The scheme was described as a major success but rather than increase and support the level of mortgage finance available to the UK market, many banks used the opportunity to shore up their balance...
Read MoreTracker mortgage packages return to favour
While it is very difficult to find a mortgage Tracker fund with the same terms and conditions as those seen just a few weeks ago, the reduction in the UK base rates has seen many mortgage providers return to the market with a headline low interest-rate figure. However, this does not hide the fact that many mortgage lenders in UK have doubled their profit margins on these deals by increasing the ac...
Read MoreNorthern Rock chipper on UK mortgage market
Mortgage lender Northern Rock delivered an upbeat assessment of the UK property sector's prospects for growth in 2007.Releasing a trading statement covering the three months to March 31st, the company predicted that Britain's gross mortgage market would increase from £345 billion in 2006 to at least £360 billion in 2007.Its claims reject suggestions that overall activity in Britain's housing mar...
Read MoreHouse prices hit record high in August
15/10/2013 The Office for National Statistics (ONS) recorded record house prices in the month of August, as their house price index eased past the previous record set in January 2008, before the UK entered recession. The house price index used by the ONS works by measuring the mortgage deals used to finance property purchases over a certain period of time, and figures for August produced a...
Read MoreGovernment in conflict with mortgage sector
The UK government will today change the terms of its support for mortgage interest scheme for mortgage holders who have suffered job losses over the course of the recent economic downturn. The scheme will see the average mortgage interest payment reduced from 6.08% to just 3.63% for some 220,000 people who have registered for the scheme, with the government expecting the banking industry to take u...
Read More