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Bank of England: Mortgage approvals hit high

Wednesday, 30 August 2006 12:00 AM

Mortgage approvals increased in July 2006 according to new figures released today by the Bank of England.

The figures reveal the number of approvals went up to 120,000, indicating the healthy status of the UK property market.

This figure is long way above the long-term average of 95,000 a month, and more than a 50 per cent increase against the recent low of 77,000 mortgage approvals in November 2005.

However, these figures pre-date the base rate increase earlier this month, and many standard variable rates have since been upped, some over the 0.25 per cent rise by the Bank of England.

Commenting on the new mortgage approvals data, the Royal Institution of Chartered Surveyors (RICS) explained that the property market remained as good an investment as ever.

RICS economist, David Stubbs, said: "The housing market remains in excellent health, with a strong economy and investor activity fuelling demand.

"RICS expects UK house prices to rise by around seven per cent this year, however, first time buyers will continue to find it hard to access the housing market as house prices rise faster than earnings."

However, RICS said the figures did not represent good news for first-time buyers.

Mr Stubbs concluded: "The difficulty of getting onto the housing ladder has strengthened tenant demand in the rental market, making accessibility for first-time buyers prohibitive."

Additionally, while mortgage approvals for people moving house soared in July, the Bank of England's figures for the agreed remortgages and mortgages for other purposes dropped in June.

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