BGN Entrepreneur

Bank of England figures show that a mild improvement in the housing market has continued with homebuyer mortgages rising for the second month in a row.
The number of mortgages approved for home purchases, considered an indicator for the housing market, rose by 4% in March, following February’s 19% jump. However, the homeowners have been warned not to expect a swift return to rising property prices.
Economists have cautioned that while there are signs that the mortgage market may have reached its nadir, improvements are coming from a very low base. Recent house price reports from Nationwide and the Land Registry have appeared to indicate the rate of house price decline slowing, while the Council of Mortgage Lenders has alsoindicated rising mortgage completions. However, figures by the British Banker’s Association this week revealed a drop in March mortgage approvals for home purchases of 7%.
Chief UK economists pointed out that mortgage approvals were still substantially off the 98000 monthly average from 1993 to 2007.

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