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The Bank of England releases data that indicates that Mortgage approvals for British house purchases hit their highest level in more than a year in June. This coupled with the fact that he average price of a home in the UK rose 1.3 percent in July could mean that a level of confidence has may have returned to the British housing market
According to the Council of Mortgage lenders, there were still 36 per cent fewer house purchase approvals in the first half of 2009 than during the same period of 2008. However, CML economist Paul Samter said there is enough evidence now to suggest a sustained improvement but any recovery is likely to be painfully slow. He said: "Activity is certainly more positive than at the start of the year.
Other evidence that UK housing market came from the British Bankers' Association (BBA) who report that mortgage approvals by the major banks increased to a 15-month high in June
Skipton building society said a 23% rise in activity at Connells, its estate agent subsidiary, helped generate profits of £17m in the first half..
David Cutter, the chief executive of Skipton, said: “Based on increasingly positive indicators, our house view is that the UK has reached the bottom in terms of house prices.”
© Housing Market News by The Little House Company
