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Mortgage lending hits new heights

29th June 2006 | back to article listings BACK    print this article PRINT

New research has revealed that the UK's mortgage lending figures have topped £1 trillion.

The figures, released by the Bank of England, show that there is now more money tied up in mortgages across the country than at any time in the past. The increase has been fuelled by continually high house prices and concerted demand from property buyers, with those looking to invest in the buy to let market having a particularly strong influence.

It suggests that, despite fears from some quarters that the UK property market may be on the wane, it has seen a strong first half of the year and is set to continue its growth into the coming six months and beyond. June and July are expected to see more money taken out as the bank's research shows that the number of approved mortgages has also grown in recent months.

However, statistics from Nationwide have suggested that many investors may have to wait until after the first week of July to see some signs of growth in the market. Indeed, the figures suggest that many investors considering purchasing a property in the UK market may find that the weeks leading up to the football World Cup final will be the best time to do so.

Nationwide's figures have revealed that property prices have barely moved during June and the lender believes that the main reason for this has been the UK population's preoccupation with the Wolrd Cup. While England fans have been cheering on their side, others have also been engrossed in the action and therefore the number of people taking time out from watching the games to go househunting appears to have dropped dramatically.

While Fionnuala Earley, Nationwide group economist, suggested that there remain many 'World Cup widows and widowers' who are getting away from the football by looking at properties, final decisions and moving have been put off to concentrate on the World Cup. Many people want to spend their spare time watching the feast of football and are not willing to spend their time moving house. This weekend, for example, is set to see millions of Britons glued to their television screens as England play Portugal in the tournament's quarter finals and few would want to miss this to move home.

However, experts are predicting that the current lull in the market – Nationwide's statistics show average house prices have risen by just 0.3 per cent during June – will be brought to a dramatic end after July 9th, the day of the final. Some analysts believe that the UK property market will see a massive uptake in property after the final whistle as buyers come out in force, meaning that investors who get in first could see an immediate benefit from an upturn in prices.

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