31 October 2005
The number of new mortgages approved by lenders, but not yet lent, has risen to its highest level since June 2004. Bank of England figures show that lenders approved 107,000 new mortgage loans in September, slightly higher than the downwardly revised figure of 106,000 for August.
Approvals are a good indicator of future trends they suggest the housing market may revive after recent interest rate cuts.
The amount of confirmed new mortgage lending rose in September - up from £7.6bn to £7.7bn. However, the amount of unsecured lending is slowing down.
Bank of England figures show the lowest rate of growth since November 1994 for consumer credit (loans and credit cards) which is growing at an annual rate of just 10.9%.
House prices are still slowing down while the volume of activity in the housing market has revived after the sudden slump in the summer of 2004.
The country's biggest mortgage lender, The Halifax bank, said annual house price inflation in September stood at just 3%.
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