Following record lows in the number of approved mortgage loans this summer, September’s figures show a slight increase.
Estate agents also showed an increase in the number of sales going through, according to the National Association of Estate Agents, the first increase since early this year.
This increase in mortgage lending has been accredited to the larger banks, who have been able to take advantage of the financial turmoil in the market and use their large deposits to help them fund mortgages at a time when the smaller banks and building societies have had to close their doors to new borrowers.
The British Banker’s Association also released figures saying that the net lending on credit cards also rose in September by £100 million, which is down from the £400 million increase seen in August.
The expected low interest rates for 2009, predicted to be as low as 2 – 2.5 per cent should boost the mortgage market as house prices decrease. This will open the market to first time buyers and boost the economy. Those looking at CeMAP training should be fully qualified mortgage advisors in time to advise these new clients.