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Mortgage Approvals Up Again Sharply

31st March 2009 | back to article listings BACK    print this article PRINT

Mortgage approvals are now at May 2008 levels again and the jump from January to February was large, in fact largest three years when it moved from 31,791 to 37,937. The RICS has reported growing buyer enquiries for four consecutive months now. House price falls are reducing in magnitude generally across all of the house price indices with Hometrack the latest report yesterday. Land Registry reported a slight increase this month but was the odd one out and in any case monthly data from a single index is not to be taken too seriously, particularly land Registry at the moment whose own house price index only reports around 20% of transactions in the UK (those that are second sales of properties since 2001 -for other comments on the differences between house price indices see other blog entries).

Mortgage lending is still around 60% below its long-term average for the last 15 years but we appear to have bottomed certain - and not just in mortgage approval levels.

This news story has come from the property investment blog by Stuart Law, CEO Assetz plc.

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