Further Positive Property News
The media now are in growing numbers reporting some of the positive news coming out relating to the property market in the UK.
The number of mortgages approved for house purchase jumped by 19 per cent during February and borrowers repaid a record amount of debt, the Bank of England said today.
The number of home loans approved for house purchase rose to 37,937, up from 31,791 in January, well above the six-month average of 31,500 and the highest level since May last year, the Bank of England said.
This is hugely significant! The highest number since May 2008 and around 20% above the 6 month average.This is a clear sign that activity is increasing and both confidence and mortgage lending are improving.
Vicky Redwood, UK economist at Capital Economics, said that "Housing market activity may finally have turned a corner. This might suggest that the pick-up in new buyer enquiries is feeding through into actual activity. With new buyer enquiries still rising, this is clearly quite promising".
So while there is still a lot less activity than 2-3 years ago – there are clear tangible signs that both investors and owner occupiers are buying in increasing numbers and I expect this to continue now further over the next 6 months. With some of the outstanding value and the rental returns far higher than they have been and far higher than almost any other investment out there – it was always going to happen.We are getting increasing numbers of enquiries every week and new buyers constantly coming forward.
If you have been holding off – do not delay, or you will be kicking yourself in 6-12 months time! These values are outstanding!
Article Courtesy of Alan Forsyth @ Property Investment Deals
