News | Legal News

02 March 2017

Property market sees New Year rise in mortgage approvals

Mortgage approvals for home-buyers reached their highest level in almost a year during the early weeks of 2016, according to the Bank of England.

Official data from the central bank shows that 69,928 house purchase loans were approved in January, which is the highest total witnessed since last February.

The news is likely to be welcomed by those who feared a slump in the residential property market following the June 23 EU referendum result.

Elsewhere, the Bank reported a 10.3% increase in non-mortgage lending over the previous 12 months. That compared to a 10.6% annual increase in December.

Kay Daniel Neufeld, an economist at the Centre for Economics and Business Research, said that people's appetite to spend money continued over the course of 2016.

But the expert added:  "While strong domestic demand and retail spending growth were welcome pillars of economic growth, especially in the wake of the EU referendum, the increasing indebtedness of UK households and the reliance on cheap credit have evoked eerie memories of the credit binge days before the financial crisis."

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