Taylor Scott International News
The number of loan approvals for house purchase in the UK increased by 2.7% in June compared to the previous months, the latest Bank of England data shows. Loan approvals reached 66,582 compared to the average of 62,971 over the previous six months and the value of these loan approvals has increased 6.48% month on month, the data also shows. The number of approvals for remortgaging was 36,620, compared to the average of 33,759 over the previous six months while the number of approvals for other purposes was 10,800, compared to the average of 9,918 over the previous six months. It is good news for the homes market according to Adrian Gill, director of Your Move and Reeds Rains estate agents. ‘Mortgage approvals have filtered into a faster lane, and are speeding away from May’s speed bump. Compared to a year ago, lending has also covered a fair distance, and the road ahead looks promising,’ he said. ‘Both house prices and sales are driving forward steadily, as renewed confidence fuels the market this summer. But this is increasingly witnessed by a congestion of buyers. The supply of properties is struggling to keep up and needs a serious boost if the upwards trend in borrowing continues,’ he added. Peter Rollings, chief executive officer of Marsh & Parsons, pointed out that the month on month boost has nearly brought lending back into line with April activity, and the energy building up in the housing market should carry it further forward. ‘There’s now plenty of clear blue sky between borrowing totals now and a year ago, as buyer demand continues to mount. In London, we saw new buyer registrations climb 27% from January to June, and properties are changing hands quickly,’ he explained. ‘This will cause further price rises over the summer, but buyers have plenty of cause for confidence, as cheap mortgage finance and smaller Stamp Duty fees keep home ownership within grasp,’ he added. Taylor Scott International
Taylor Scott International, Taylor Scott
