14 Feb

Improved mortgage conditions to boost the market

Improved mortgage conditions to boost the market

Improving borrowing conditions for buyers could see a greater number of people head to estate agents to buy properties for sale across the course of this year.

A new report from e.surv has stated that UK mortgage approval throughout January saw an increase of 17 per cent when compared to December, leading it to sit at its highest level in four years, and making it the best month for lending since the financial crisis of 2008.

This comes just a day after it was reported that the number of first timers getting onto the ladder throughout 2012 had surpassed the 200,000 mark for the first time since 2007.

The rise has been credited to the fact that the number of different products and the rates charged by lenders are now far more affordable to those looking to make their initial step onto the first rung.

"These are the most encouraging signs for the mortgage market since the financial crisis. After an inauspicious start last autumn, Funding for Lending has come good," said Richard Sexton, business development director of e.surv.ADNFCR-1222-ID-801540527-ADNFCR

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