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UK Home Loan Approvals Moving Higher
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By Tosif Patel

While the UK housing market continues to move ahead, despite the outlook for increased interest rates in the short to medium term, there was an increase in the number of approved home loans in October. After a couple of months when the market seemed to be losing steam, the increase in October is both surprising and a little disturbing.

Figures released from the lending associations of the UK show that there were 74,997 mortgages approved in October, up from a figure of 72,155 in September, at the same time there were 73,888 remortgages approved, which was an increase of some six percent on the previous month.

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While these figures in isolation are not terribly worrying, they do hide a defiance in the property market as rising interest do not yet seem to have kicked in. It is also of concern that some UK lenders are approving mortgages on five times salary, up significantly from the historical trend of three times salary. The concern is that the housing market will at some point grind to a halt, with many of these new home loans having been approved at higher interest rates. The fact that the average approved housing loan rose again to some

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This entry was posted on Friday, December 22nd, 2006 at 4:53 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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