Buyers are back: January mortgages up 40%
- 23rd February 2010
- Buying Property News
Despite issues such as the poor weather, lending activity last month increased significantly on January 2009.
January 2010 mortgage loans were down compared to December 2009. Whilst this statistic looks worrying, industry commentators say it's because December was exceptionally busy. Housing transactions were being hurried through before 31st December 2009 to beat the end of the stamp duty holiday.
The British Bankers' Association reports that 45,650 loans were approved in December, In January 2010, 35,083 mortgage applications were approved which is an increase of around 40% year on year.
Suzanne Gray, Director of Sales at London estate agent comments: "Buyers still outweigh the number of properties for sale so we can't satisfy the current demand."
This is a sign of the current activity from house buyers. Demand still outweighs the supply of houses for sale.
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