Tuesday, March 31, 2009

UK Mortgage Lending Increases

Those with an interest in the UK market will be interested to read that things may be, even if only incrementally, moving forward. Information from the Bank of England says that the increase in net lending secured on dwellings (£1.5 billion) was higher than the January increase and the previous six-month average. Having said that the twelve-month growth rate continued to fall, down by 0.5 percentage points to 2.4%. The three-month annualised growth rate rose by 0.2 percentage points to 1.5%. The number of loans approved for house purchase (37,937) was higher than in January and the previous six-month average.

As you would expect in a time of borrowing restrictions, approvals for remortgaging (32,633) and for other purposes (31,372) were lower than in January and the previous six-month averages.

According to Sunday's Mail "the figures echo reports from estate agents of a flood of new buyers coming through their doors in recent weeks."

I was actually in the UK last week looking at commercial opportunities for clients. The impression I got was that there was definitely signs of a turn in the market, I'm not so sure I'd term it a 'flood of buyers' however, from what I was hearing on the ground.

The Mail's article did, however, come "with a health warning that rising unemployment could yet see the market suffer further reverses." It goes on to say that: "The total number of buyers is still relatively low in historic terms - 44 per cent below February last year - and is not considered enough to prevent further price falls."

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