Mortgage approvals continue to rise

Posted: 03 May 2006 09:36:12 GMT

Figures from the British Bankers' Association (BBA) indicate that the number of new mortgage approvals for home purchases increased by 33 per cent to 85,698 in February.

This positive picture of the UK housing market has been supported by the Royal Institution of Chartered Surveyors (Rics), after seasonal adjustments were made to the statistics.

March's figures are thought to have put an end to a run of three consecutive month-on-month declines and Rics suggests that mortgage lending is now stabilising at a strong level.

Experts are suggesting that the Bank of England will provide further evidence of stabilisation in its figures tomorrow and confidence in the property market is certainly high once again.

Theoretically, the high levels of mortgage lending will support further house price rises in the months to come, with sellers continuing to achieve good prices for their properties.

House sellers across the UK are looking to make the most of the high levels of confidence in the market, with increasing numbers now opting to advertise online to reach more potential buyers.


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