UK Mortgage Approvals Rise to Highest Level for 14 Months
2 minute read
UK Mortgage Approvals rose to their highest levels for 14 months in the month of April, with data showing a 10% rise in mortgages approved between March and April 2015. This rise reflects the biggest month on month increase since 2009. The total of Mortgages according to the Bank of England in the month of April stood at 68,706, which although marking a significant leap, was far below the peak of 129,996 recorded in November 2006. Analysts however, have cautioned that they do not expect this rise to the levels seen in 2006 and 2007, at least in the short term. Matthew Pointon, property economist at Capital Economics, said: “A strong labour market and record low mortgage rates are supporting the market. But with lending standards still tight, this pace of growth will not be sustained.”
The Just View
With record low interest rates available, the market is showing signs of steady growth in all sectors, with perhaps the remortgage market being the area of the most significant change. Remortgage consumers who have not had the opportunity to seek more competitive deals as the value of their homes have not afforded them the choice, are now able to look into possible savings as typical house prices have continued to rise. To discuss your mortgage needs with the Just Mortgage Brokers team, get in touch today.