Slight rise in mortgage approvals in December
March 13, 2009
Recently released figures from the Bank of England have indicated that there was a slight increase in mortgage lending for the month of December.
The number of new mortgages that were approved for those looking to buy a home rose slightly during that month according to the central bank. This came after months of dismal mortgage lending figures, fuelled by the global credit crunch and the tightening of lending criteria by lenders across the UK.
The figures showed that there were 27,000 mortgage approvals for new home buyers for the month of November, and in December this figures increased to 31,000 mortgage approvals. However, despite the increase the figure was still the second lowest on record, said officials from the Bank of England. Another report was also released by HM Revenue and Customs, which showed that there had also been a slight increase in the number of property sales for the month.
Adrian Coles of the building societies association (BSA) recently stated: “Activity in the housing market remains very depressed, and as a result the amount of mortgage lending in December was low. House prices are widely expected to fall further and unemployment is rising, so potential buyers remain cautious and are staying out of the market as they wait for it to stabilise.”
Officials from the Royal Institute of Chartered Surveyors, however, said that there was a chance that mortgage approvals could rise again over the coming months, with one official stating: “The pick-up in activity reflects in part the increased interest from buyers who are being attracted to the market by both the fall in house prices and drop in mortgage rates.”
- Mortgage approvals up for second month in a row According to industry reports mortgage approvals in the UK have increased for the second month in a row in January, with a slight increase compared to mortgage lending levels for December. The number of mortgages
- Mortgage approvals increased at the end of last year According to recent figures the end of last year saw the level of mortgage approvals in the UK increase, although approval levels were still far lower than they were the previous year. Figures have been
- Mortgage approval levels still very low say authorities There is further doom and gloom for consumers in the UK following a recent report from the British Banker's Association, which claims that mortgage lending approvals in the UK are still way down compared to
- Mortgage approval levels plummet in one year Over recent months, since the onset of the global credit crunch, the number of mortgage approvals in the UK has been falling. Mortgage approval levels have been affected by a number of factors, and this
- Mortgage approvals double in twelve months Recently released figures have shown that the level of mortgage approvals in the UK actually doubled in the twelve months to November of 2009. The figures were released recently by the Bank of England, and
Comments
Got something to say?