27 May

RICS still hopeful of mortgage market boost

RICS still hopeful of mortgage market boost

The Royal Institution of Chartered Surveyors (RICS) is still hopeful that the government's extended quantitative easing programme will help improve the mortgage lending situation in the UK.

An increase in mortgage approvals is "vital" if the housing market can keep moving in a positive direction, the group said.

In a statement released today following the latest lending figures from the British Bankers' Association, RICS indicated that mortgage approvals for new house purchases in April "reverses some of March's fall".

However, it also suggested that stimulus packages implemented by the Bank of England are still to have an effect on home loan lending.

Despite recent rises, the level of lending is low compared to previous years, it added.

Earlier this month, Halifax said that first-time buyers should find that property is at its most affordable level for over six years.

National Association of Estate Agents figures also backed this up, with its research saying there were a number of bargains to be found on the market.

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