12 Apr

Mortgage figures 'signal improvements in property market'

Mortgage figures 'signal improvements in property market'

An increase in the number of people taking out mortgages noted by one firm has been identified as evidence of improvements in the UK's property market.

According to the Principality building society, it registered an increase of 187 per cent in the number of borrowers taking out a home loan during the first three months of this year compared with the same time in 2009.

Between the beginning of January and the end of March this year, the firm - which was founded in 1860 - provided more than £143 million to people seeking to purchase homes.

Chief operating officer at the organisation Graeme Yorston said they are a sign that business is picking up.

The expert went on to comment: "The average mortgage rate has been steadily decreasing since the middle of last year and this, coupled with more affordable house prices has encouraged a healthy mix of buyers."

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