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UK mortgage activity expected to continue

Date: Tue, 01 Nov 2005

UK mortgage activity is expected to continue its recovery, according to the latest figures.

Data from the Bank of England shows that the number of new approved mortgages during September rose to 107,000, a one per cent increase on August's figures.

This now means that the level of UK mortgage approvals is 24.4 per cent higher than during the same period in 2004 and 40.8 per cent higher than the lowest point last November.

It is believed that the Bank of England's decision to reduce the interest rate in August has helped to boost demand for mortgage products as well as returning stability to the housing market. This is also supported by the Royal Institute of Charted Surveyors' (RICS) latest housing market survey which shows that the number of new buyers enquires rose for the fourth consecutive month in September.

Analysts are predicting that the relatively slow level of growth will encourage the Bank of England to cut interest rates even further at the start of 2006.


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