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15 Month High For UK Mortgage Approvals

Its been recorded that a record number of UK Mortgage Approvals took place last month, this making it the greatest number since 15 months back, adding to the optimism that there will be a good recovery in the housing market for the back end of 2009.

Fat Cat Bankers

In addition to the record number of UK Mortgage Approvals, consumer credit unexpectedly slipped to minus 0.2 billion in July to mark the first decline since April 1993. In response home owners seem to be prepared to take a secured debt as they face a weakening labor market paired with fears of a slower recovery than first forecast.

The daily reports show this is a definite heading in the right direction and therefore adds confidence to the housing market. The lending has increased in recent months showing potential home buyers are now taking advantage of lower home prices paired with record-low borrowing costs.

It’s reported The Bank of England is widely expected to keep the benchmark interest rate at the record-low going into 2010 in an effort to steer the economy out of recession, and the central bank may continue to ease policy further over the coming months in order to support a sustainable recovery.

posted by Zane in Buying,Home,Lending,Mortgage,Recession and have Comment (1)

One Response to “15 Month High For UK Mortgage Approvals”

  1. Himipielm says:

    Your site was extremely interesting, especially since I was searching for thoughts on this subject last Thursday.

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