New figures show that the amount of mortgages that were approved in Britain during the month of April show an increase when compared to March.
The Bank of England has released statistics that show the figure of 49,008 approved mortgages in March rose to 49,872 in April, an increase of two per cent. Meanwhile, the net amount of unsecured credit fell for the first time since November, experiencing a reduction of some £36 million.
Michael Coogan, Director General for the Council of Mortgage Lenders maintains that obtaining credit is still difficult, but has hope for the upcoming budget.
He said: “The forthcoming Budget represents an opportunity for the government to prioritise support for homeowners, although we recognise the fiscal position leaves only limited room for manoeuvre.”
Still, according to the Land Registry, things are looking up. They have indicated that the prices of property in England and Wales is rising strongly, with April seeing an overall increase of 0.2 per cent, pushing the annual growth rate up to 8.5 per cent as a consequence. This would be the fastest growth rate we have experienced since September 2007 – the start of the global financial crisis.
These figures indicate that mortgage lenders across Britain are starting to relax their rules for lending, and the market is gathering momentum for borrowers, estate agencies and mortgage advisors alike, which is also good news for those studying for their CeMAP exam. A recent reported showed that the number of mortgage deals requiring between 0% and 40% deposit that are available across the UK tops 2,000.