19
Jan
Poll predicts rise in mortgage approvals
A poll conducted by Reuters has predicted that mortgage approvals
will rise to 70,000 by the end of 2010.
The news provider, which surveyed experts across the property
sector, revealed that monthly approvals are set to stand at 65,000
in the next six months and rise by a further 5,000 by the end of
the year.
Average house prices are expected to rise by 1.6 per cent during
2010, according to the research.
James Knightly of ING commented that mortgage approval rates of
between 70,000 and 75,000 are usual when house prices are
flat.
However, he explained that the limited supply of properties for
sale is still driving the market forward.
"The fact that [the market] is not [flat] reflects the lack of
supply because fewer mortgage approvals are needed to get prices
rising," Mr Knightly told Reuters.
According to moneysupermarket.com, the UK mortgage market is
steadily growing, with more than 2,500 products on offer as of
January 18th.