Home loan statistics are 'encouraging'

Posted: 11 Dec 2009 11:53:28 GMT

Recent statistics revealing that the number of house purchase loans in the UK has reached its highest rate since 2007 are "encouraging", according to one industry expert.

Simon Preston, chairman of Iammoving.com, made his comments after the Council of Mortgage Lenders announced yesterday (December 10th) that during October 55,000 new mortgages were approved.

Despite the positive data, Mr Preston went on to add: "There is a long way to go before turnover in the market place will get back to a level where people find it easier to make decisions about moving."

He suggests that there is still a lot of uncertainty in the general population about whether the residential sector will remain firm or topple again in 2010.

Mr Preston believes that full recovery of the housing market will be a slow process.

The number of people currently purchasing houses has risen by 140 per cent from the January 2009 low in the property market.

According to Nationwide, house prices are also on the rise with year-on-year figures from October showing an increase of 0.7 percentage points.

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