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Mortgage Approvals Rising
Figures released by the Bank of England this week showed that mortgage approvals rose to 43,414 in May (up from 43,191 in April) and the fourth month in a row that they have risen.
The small improvements in the housing market were also confirmed by the latest survey from the Nationwide Building Society which showed that house prices in June rose by 0.9%.
Tony Rice, of Bedfordshire based specialist mortgage brokers TMP Mortgage Zone, said: "These small increases are welcome but let's not get carried away. Until lenders start removing some of the more restrictive criteria for mortgages they have been using since the start of the credit crunch I don't think we'll see a massive increase in demand from buyers. Also, we are still seeing some uncertainty in the economy with increasing unemployment and associated job insecurity, so people may still wait a little longer before committing to a first time buyer mortgage, or a new home mover mortgage."
[ 02-07-2009 ]
