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UK NEWS

Mortgage approvals and house prices up

Jul 22, 2015
The outlook for UK moving companies looks rosy as April saw the highest level of mortgage approvals for 14 months.
Although the 68,706 approvals in April is less than half the November 2006 peak, it is still an encouraging sign of continuing market activity.  This has been achieved despite strict affordability tests being applied to applications designed to make sure purchasers will still be able to afford repayments when the record low interest rates eventually rise.  This means that the level of mortgage approvals is unlikely to return to pre financial crisis levels.

This news comes after the announcement that the first quarter of 2015 saw the lowest number of first-time buyers complete property transactions for two years, according to the latest First Time Buyer Tracker from Your Move and Reeds Rains.  The increase in mortgage approvals suggests the second quarter figures will show an improvement.

Property prices in England and Wales continue their upward march, up 5.1% over the year to April.  This, however, was driven by increases in London of 10.9% and the South East of England up 8.8%.  House prices in Wales increased by on 0.3% over the same period.

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