Mortgage approvals have flown up by 40% this year, according to the latest figures from the banking industry. Loans for home purchases are at their highest levels since December 2009, with around a quarter of the 40% rise over the last 12 months coming in September alone. The statistics are a further sign that low interest rates and the governments schemes aimed at helping house hunters may be beginning to re-invigorate the market. However there is still a degree of caution, as homeowners tip-toe carefully following years of economic fragility. Mortgages for house purchases stood at 42,990 in September, up from 38,834 the previous month, but it should be borne in mind that this was only 79.6% of the monthly average of 54,006 during 1997-2013. A shortage of housing supply is doing little to deter first-time buyers, who not only have access to mortgage rates below 4%, but are also now able to get 95% mortgages as a result of the governments Help to Buy scheme.
Posted on: Fri, 25 Oct 2013 12:45:36 +0000
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