17 Sep

Mortgage approval figures are 'hopeful'

Mortgage approval figures are 'hopeful'

The recently-released mortgage approval figures provide a hopeful outlook for the housing market, according to one property expert.

Nicholas Leeming, director of propertyfinder.com, which was established in 1995, said that property transaction levels are likely to increase over the coming months.

His comments follow the publication of data by the Council of Mortgage Lenders, which revealed that the number of home loan approvals in July increased by 19 per cent compared to the same period in 2008.

"The fundamentals are in place for a sustained increase in mortgage market activity. More lenders' money has been trickling down to home buyers, which is encouraging," stated Mr Leeming.

He added that banks should still do more to increase the flow of lending and ensure it is reaching the right borrowers.

This news comes after John Charcol recently reported that the share of the mortgage market taken by variable rates more than doubled in July.

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