4
Oct
Approved Mortgages hit new high for the past year and a half ,which
is great news for the Southampton Property market
The amount of new mortgages , but not yet lent, for property
buyers in August increased to its highest level since December
2009.
The Bank of England have released last month's approved mortgage
figures of 52,410 mortgages.
That was nearly three thousand more than in July, and the largest
number since December 2009.
The figures suggest that a slight relaxation in the lending
criteria by banks and other lenders will lead to higher sales for
accurately priced property in the coming months.
Adrian Coles, director-general of the Building Societies
Association, said: "Approval figures continue to look promising as
consumers take advantage of the competitive mortgage rates."
Average property prices have been stagnant across the UK this year,
with both the Nationwide and the Halifax reporting few changes in
the past months.
In the latest survey, Nationwide said property prices had continued
to "tread water" in September. Home prices rose by 0.1% in
September , but Nationwide said, they were 0.3% lower than a year
ago.
The number of property transactions fell in August, according to
the Bank of England's figures published last week.
Transactions dropped by 6,000 from July to 78,000 in August which
was, in turn, 3,000 lower than last August.
Approvals are a great indicator of trends in sales, so the latest
approvals data suggests that property sales funded by mortgages
will pick up in the autumn.
Location believe that if your property is priced correctly in and
around Southampton, autumn could be the perfect time to either
secure your sale or to climb the property ladder.
With the current Lending criteria relaxed it could be a great
opportunity to secure your property purchase or next buy to let
investment, as the banks may not keep this criteria relaxed for too
long.