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Slight increase in UK mortgages

Date: Wed, 31 Aug 2005

There has been a slight increase in the number of approved mortgages during the month of July, according to new figures.

The Royal Institute of Chartered Surveyors (RICS) data shows that approved new mortgage applications rose to 97,000 in July, compared to 96,000 in June – meaning a 2.1 per cent increase in approvals over the past three months.

The number of mortgages is also just one per cent below those granted in July 2004, showing that the UK property market is starting to become more stable.

There is also evidence that property prices are beginning to recover with the figures showing that the pace of decline is easing – mainly due to the recent interest rate easing pressure on mortgage applicants.

"The proportion of surveyors reporting a decline in house prices over those reporting a rise was a seasonally adjusted 36 per cent compared with 41 per cent in June and is the slowest fall in five months," said the RICS report.


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