Increase in number of mortgages approved

Posted: 25 Jun 2009 11:58:30 GMT

The British Bankers' Association (BBA) released data this week showing that the number of mortgages approved in May reached its highest level for over a year - and now the Royal Institution of Chartered Surveyors (Rics) has offered predictions for the coming months.

According to the group, it is "conceivable" that the number of mortgages approved each month will reach 40,000 by the end of 2009.

Even though this would be down on the average rates for the last three years, it would be a significant improvement on the last few months.

Reflecting on the BBA figures, a statement from Rics said: "This pick-up in demand is broadly consistent with the rise in buyer enquiries signalled in the monthly Rics housing market survey."

It added that the number of property transactions in the UK could pick up before the year is out - the National Association of Estate Agents recently predicted a similar trend.


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