17
Sep
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.
