28 Jul

Rics comments on new mortgage lending figures

Rics comments on new mortgage lending figures

The Royal Institution of Chartered Surveyors (Rics) has commented on the announcement that BAA has experienced an increase in mortgage lending.

More than 35,000 loans were approved for the purchase of homes in June, which represents the highest monthly figure since March last year.

According to Rics, this is in line with growing levels of interest in the housing market.

"Indeed, the reading on this indicator in the June survey was sufficiently strong to suggest that mortgage approval activity will rise further over the coming months," the group furthered.

However, Rics did note that the number of mortgages being approved is still low "by historic standards", although they are consistent with what is considered to be a fragile housing market.

Meanwhile, MyMortgageDirect has claimed that lending has now stabilised in the UK and as long as house prices remain steady, the industry should be over the worst of the recession.

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