6 Jul

Estate agents in London have had 'positive month'

Estate agents in London have had 'positive month'

Estate agents in London have had a productive month compared with the rest of the country after there was a rise in the amount of money borrowed to buy properties.

Commenting on the housing market for Mortgage Solutions, Grant Stevens, a Leadbay financial adviser, said that borrowing slowed down in most areas of the country in June.

However, he stated that while there were 20 per cent fewer people looking for mortgage advice compared with the previous month, the amount of money lent to homebuyers in the capital had risen.

Mr Stevens said this comes despite the average amount borrowed dropping by one per cent over the month.

He added that the average loan in London was £224,500, compared with £113,000 in the north-east - another region that saw an increase in mortgages in June.

The financial services expert's comments come after the Bank of England suggested that the amount of money lenders were letting people borrow might decline over the coming months.

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