Mortgage approvals at 18 month high
The number of mortgage approvals across the UK reached an 18 month high in September according to latest figures released today by the Bank of England.
Over 56,200 loans were approved for house purchase in September, up by more than 3,000 on the total of 52,970 in August. The September figure also marked the highest monthly total since March 2008. Typically, mortgage approvals are a good indicator of demand for property and have risen for much of 2009 in line with the recent improvement in the number of homes selling.
Commenting on the results David Marshall, business analyst with ESPC said: “Over the last six months we have started to see more buyers coming back to the market and these figures are reflective of that increasing demand. Factors such as improved affordability, historically low interest rates and the current Stamp Duty holiday have proven attractive to some buyers. It would be wrong to assume that the recent signs of recovery we have witnessed will lead to a swift return to rapid house price inflation, however there are certainly signs that we have now reached a period of stability in the market.”
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