19 Jan

Poll predicts rise in mortgage approvals

Poll predicts rise in mortgage approvals

A poll conducted by Reuters has predicted that mortgage approvals will rise to 70,000 by the end of 2010.

The news provider, which surveyed experts across the property sector, revealed that monthly approvals are set to stand at 65,000 in the next six months and rise by a further 5,000 by the end of the year.

Average house prices are expected to rise by 1.6 per cent during 2010, according to the research.

James Knightly of ING commented that mortgage approval rates of between 70,000 and 75,000 are usual when house prices are flat.

However, he explained that the limited supply of properties for sale is still driving the market forward.

"The fact that [the market] is not [flat] reflects the lack of supply because fewer mortgage approvals are needed to get prices rising," Mr Knightly told Reuters.

According to moneysupermarket.com, the UK mortgage market is steadily growing, with more than 2,500 products on offer as of January 18th.ADNFCR-1222-ID-19566229-ADNFCR

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