More mortgages were approved in July than the previous month.
17 September 2009
The number of consumers being approved for mortgages has increased year-on-year for the first time in more than 30 months.
According to recent figures from the Council of Mortgage Lenders (CML), the rise in July was the first seen since early 2007.
The statistics show a 19 per cent increase when compared to the number of approvals in the same month in 2008.
Propertyfinder.com director Nicholas Leeming noted the figures were "encouraging", but added those who are new to the market are still getting a "very raw deal" in comparison to existing property holders.
"Banks must do even more to increase the flow of mortgage lending - and ensure it is reaching the right borrowers," he stated.
Mr Leeming suggested unless this issue is dealt with then the market could "remain relatively subdued".
The CML figures show there were 56,000 home loans approved in July 2009 - an increase of 24 per cent on the previous month.
Useful Links and Frequently Asked Questions
Loans
Debt Management
Financial News
Faq's