Green shoots for property market?
Mortgage data is pointing to a stronger property market again
Wednesday, 29, Jun 2005 04:04
Data released today has provided some rare good news for the property market, as the Bank of England revealed that more people were taking out mortgages.
According to Bank figures 96,000 mortgages were approved in May, this figure is down on the previous year but 25 per cent higher than the recent low in mortgage activity.
Other good signs for people looking to buy or sell their home was that this increase in mortgage lending was driven by people taking out loans to buy homes, as remortgaging fell.
Milan Khatri, Royal Institute of Chartered Surveyors economist, commented: "The Bank of England figures point to a stabilisation in the market following a modest recovery in activity since the lows of last winter."
Howard Archer, chief UK economist at consultancy firm Global Insight, added: "Following some recent softer data and survey evidence, the Bank of England mortgage lending and approvals data indicate that a modest seasonal upturn in housing market activity is continuing."