Home Loan Approvals Exceed 18 Month High

Tue, 05 Jan 2010

Home loan approvals hit the highest level in over 18 months during November, as 60,518 mortgages were approved. The Bank of England revealed the figure represented a 4.85 per cent increase on the previous month, comfortably exceeding the 58,000 forecast by analysts. Considering that approvals in November 2008 stood at just 27,162, it is clear that the property market has enjoyed the beginnings of a revival in the past 12 months.

The fourth quarter of 2009 finally saw an improvement in the availability of credit to borrowers, while the maximum loan to vale ratio rose for the first time in more than two years. The total value of lending secured on properties rose by £1.5 billion in November, more than double the average increase for the previous six months.

The figures have fuelled expectations that the Bank of England may begin increasing interest rates during the first half of 2010. The figures have also given rise to a greater sense of optimism about property prices in the UK. Estimations had grimly forecast a dip of as much as 7 per cent, though some analysts now expect an upturn of 7 per cent.
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