Mortgage approvals up
Mortage approvals have risen by 3% over the last month and are up 75%+ on the same time last year. The total value of the loans granted is actually down £0.2 billion to £9.2 billions but the signs are positive that the numbers are at least moving in the right direction!
With the numbers of properties on the market rising will prices rise as consumer confidence grows of will it be a buyers market causing prices to drop? With the rental market still in its death throws, the much vaunted first time buyer boom and various assisted government employment schemes there is still a fragility to the recovery which means we will be in the same position for a couple of years to come and then the market will settle to a lower level than 2007 without the massive inflation seen in the previous 10 years.
With the finance sector returning to its old ways (bond market, 100% mortgages, fat cat bonuses) and the country still feeling the pinch this is the time for solid leadership from the Bank Of England and the government rather than worrying about elections and public opinion.