The housing market continues to struggle, but this month some positive signs have emerged.
The British Bankers Association has reported a rise in mortgage approvals for the third month in a row. It said that 28,179 mortgages were approved for house purchases in February; almost 4,000 more than in January – however, the figure was still 31% lower than a year earlier.
In early March, RICS, The Royal Institute of Chartered Surveyors, released its housing market survey for February and found that buyer interest in the market had increased for the fourth consecutive month.
The latest news from the Nationwide is that house prices increased by 0.9% in March. At L&C, we have seen a 45% increase in the number of purchase applications between January and March.
These figures suggest that the drop in house prices and recent interest rate cuts are helping to bring people back into the market. Many borrowers are still restricted by the lack of a deposit, but there are still deals around for people who don’t have the 25% that a lot of lenders are asking for (see our latest best buy mortgage rates).
Tools for Home Buyers
If you’re buying a property at the moment, then take a look at our useful Home Buyer Page. It has plenty of useful tools, calculators and best buy tables as well as some handy tips to help you through the home-buying process.