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Buyers return to the housing market
The British Bankers’’ Association said their latest figures showed a 7 per cent rise in the amount of mortgage approvals for the month of May compared to April. The figure showed an even higher total of more than 16 per cent if comparing with the same period in 2008.
This is being seen as a further sign that the property crises is improving albeit slowly. There were a total of 31,162 loans approved for remortgaging totalled 24,847 which is 60 per cent below the figures for the same period in 2008. The BBA said that loans for buy to lets and equity release where stabilising at the current lower level.
The National Association of Estate Agents said its members had reported selling the most properties during May since last October. Although this was good news and a tentative step in the right direction, the main sticking point for many prospective home owners was the dire lack of mortgage funding, especially for first time buyers.
Low interest rates have been favourable to most borrowers which has meant that unsecured borrowing is very low whilst people pay off their existing loans rather than take out new borrowings.
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