Mortgages Uncovered

Lending figures for mortgages have recently suggested that buyers are now coming back into to the housing market.

The amount of mortgages that were approved for purchasing homes have jumped up considerably by 19% during the month of February and is a definite sign that home buyers are eventually returning back to the housing market.

37,937 mortgages for home loans were approved in February which is the highest level that has been seen since last May say the Bank of England.

The new figure now suggests that double digit house prices and falling interest rates have become a temptation for bringing buyers back into the housing market.

Last week figures were released from the British Bankers’ Association which showed that the amount of mortgages that were approved for home purchasing through major banks had risen in a third month in a row in February.

Today’s BofE figures suggested that sales were picking up again.

UK economist at Capital Economics, Vicky Redwood said:

“February’s household borrowing figures suggest that housing market activity may finally have turned a corner. The rise in the number of mortgage approvals for new house purchase … might suggest that the pick-up in new buyer inquiries is feeding through into actual activity. With new buyer inquiries still rising, this is clearly quite promising.”