People buying property 'should feel confident'

Posted: 04 Sep 2009 11:17:10 GMT

Homebuyers are right to have more confidence in the property market at present, according to one industry representative.

Dan Richards, group sales director at property website fish4homes, said there have been various signs that the housing industry is improving after a number of poor months.

He explained that over the last few months both the Bank of England and mortgage lenders have suggested that things have got better, "with the number of mortgages approved and completed sale prices increasing for the first time since October 2008".

Mr Richard advised people buying a new home that they should search carefully for the right property, ensure they have a pre-approved mortgage and do not overstretch themselves.

At the start of this month, the Bank of England announced that mortgage approvals in July reached 50,123 - up from 47,891 in June and 44,234 in May.

Remortgage approvals in July were recorded at 35,206, which also represented an increase on figures from June and May.


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