More approval for mortgages

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MORTGAGE approvals in the UK reached a two-year high last month, according to the Bank of England.

It says the number of new mortgages approved rose by seven per cent to 58,728.

It was the highest monthly figure since December 2009.

Richard Sexton, director of e.surv chartered surveyors, said: “The mortgage market is not fighting fit but it’s certainly soldiering on.

“Deposit requirements have fallen to their lowest since the Lehman collapse, and more first buyers are getting mortgages.

“But we can’t give it a clean bill of health. Tighter funding conditions lurk on the horizon and will constrict lending in the medium term. What’s more, the current lending figures are being artificially swollen by first-time buyers rushing to beat the stamp duty deadline.

“The landscape for the remainder of 2012 looks fraught with risk. It will be difficult for the market to navigate.”

Sarah Sordy of Mars Petcare in Birstall

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