Newsletter Issue 8: July 2013

Mortgage Approvals at a 3 year high!

The numbers of people who browse through our newsletter or simply look at the latest Auction properties has increased over the last 12 months which reflects the increased interest in the housing market.

The number of mortgages approved for house purchases rose to its highest level in three-and-a-half years in May, according to figures from the Bank of England.

Over 58,000 mortgages were approved in May, up by 4,000 on the average of the previous six months. The Building Societies' Association (BSA) showed the number of first-time buyers granted loans by mutuals was up by 50% in the first five months of 2013.

When coupled with historically low interest rates the increase in mortgages reflects the increase of footfall and web visitors we have experienced since January.

Whilst this is positive news the market peaked at 85,000 mortgages per month so some perspective is required.

Buy to let mortgages are also increasing as the number of people in rented properties continues to increase with the number of people in rented properties doubling in the past ten years whilst home ownership drops.

Auctions remain unbelievably buoyant in the city with nationally leading sales figures.

All in all cause for quiet optimism.

I hope you enjoy the rest of our Newsletter and if you have any comments to make please do send us an email and we'll ensure we'll get back to you.

Rob Farnham
Chief Executive

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