Rise in mortgage approvals gives market a boost

With figures showing a steady rise in the number of mortgage approvals from the UK’s major banks over the last six months, Norwich-based agency haart advises that now is an ideal time for buyers to capitalise on lower house prices.

Statistics from the British Banker’s Association (BBA) show the number of approvals for house purchases rose to 31,162 in May, up 15.8pc on the same time last year.

The agency haart in the Norwich Golden Triangle suggests that with rising demand for rented accommodation and increasing competitiveness within the lettings market, exiting that market to become a homeowner has become even more appealing.

Jo Pennells

Branch Manager Joanne Pennells said:  “The rising number of mortgage approvals are a strong signal of future activity in the housing market. This is a good sign for everyone, but particularly for first-time buyers who have been negotiating the poor market conditions for months, trying to get a foot on the first rung of the ladder.”

Recent research by the Chartered Institute of Housing (CIH) has shown that some 70pc of young people still believe homeownership is a good long term investment and that owning their own home would be the ideal living situation.

Paul Smith, the chief executive of haart, added: “Ownership brings security and for this reason, will always be sought after. The increase in mortgage approvals will give a much-needed boost to the property market and will show buyers that despite the downturn, they are able to buy and lenders are willing to lend.

“Now is the perfect time to take advantage of low property prices and invest in your future.”

Joanne is on 01603 458400.

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