30 Jun

Lending boost to benefit houses for sale in London?

Lending boost to benefit houses for sale in London?

An upward turn in mortgage lending by mutuals could result in renewed interest in property for sale in London.

Mortgage approvals by the lenders were 15 per cent higher in May 2011 compared to the same month last year, according to the Building Societies Association (BSA).

A total of £1.8 billion was granted for home loans last month, compared to £1.6 billion in May 2010.

The news comes as research reveals demand for houses for sale in London appears to remain strong.

Every region in the UK saw year-on-year price decreases except the capital, Nationwide has revealed.

In addition, the city has seen prices rise by 2.9 per cent compared to Q2 in 2010.

Buyers hoping to invest in houses for sale in London may benefit from improve lending levels.

Adrian Coles, director general of the BSA, says home loan approvals have been stronger in the first five months of 2011 compared to the same period in 2010.

He added: "Mutuals have been increasing their mortgage lending and offering competitive products that continue to feature in the best-buy tables."ADNFCR-1222-ID-800607577-ADNFCR

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