Mortgage approvals rise by 10 per cent

Published:
24 October 2008
Topic:
News,Money,Mortgages

A 10% rise in home-loan deals and an increase in net mortgage lending during September has been reported by the British Bankers' Association.

The good news comes amid signs that the housing market is improving, with sales rising and an increase in the number of first-time buyers beginning to look for properties.

The average number of sales made by estate agents went up from five to six during September, the first increase since January.

At the same time, the proportion of first-time buyers increased from 8.3% to 9.5%, according to the National Association of Estate Agents.

It said the increases may be down to the Government's recent announcement that it was suspending stamp duty for a year on properties costing up to £175,000.

But it added that conditions continued to be challenging for estate agents, and it continued to urge the Government to introduce a stamp duty holiday for all properties.

Shadow chief secretary to the Treasury Philip Hammond has said: "The climate for mortgage lending is still very tough.

"We will eagerly await next month's figures to see whether the Government's intervention in the banking crisis has succeeded in reversing the catastrophic decline in mortgage lending."

Copyright © PA Business 2008

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