The Property market is showing further signs of improvements as the number of mortgage application approvals continued to increase over the last nine months. The figures for March show that mortgage approvals increased by 45% in March compared to the same time last year, say the Council of Mortgage Lenders (CML). Approximately 45, 000 mortgages were lent for house purchases and the figures are up from the 36, 000 mortgages for the month of February.
“The mortgage market appears to be stirring after 18 months of deep sleep, ” said Nigel Lewis, property analyst at website Findaproperty.com. “Lenders are beginning to show signs of relaxing their criteria and first-time buyers and those with small deposits are finding more financing options open.
Interestingly it appears that first time buyer activity has recovered more quickly than home mover activity with mortgages taken out by first time buyers increasing more significantly. Read more about this in the ifaonline.co.uk. article.
House prices are on the increase and that coupled with an increase in mortgage application approvals signifies good news indeed for the property market. Let us hope nothing comes along to rock the boat and that the property market returns to its former self!