11
Feb
'Slight rise' in approvals seen
The number of mortgage approvals in January rose by three per cent,
according to new figures released by Connells.
In total, approvals in the month increased from 73,000 to 75,300,
it stated, the first rise in such figures since May last
year.
However, figures have not been this "weak" in the history of Bank
of England records, Connells noted, as the yearly decline in
approvals is 38 per cent.
Managing director of Connells Survey & Valuation Ross Bowen
remarked that the situation could be about to improve, although it
is difficult to tell from of a singular month's figures.
"This modest increase in house prices reflects the slight
improvement in mortgage demand. It is likely we will see monthly
rises and falls in prices in the first half of the year. The
further interest rate cuts expected will be needed to restore
confidence across the entire housing market," he commented.
Data from the Council of Mortgage Lenders recently revealed that
there were ten per cent fewer repossessions than expected during
2007.