Mortgage approvals up in September

Thu, 24 Oct 2013

Mortgage approvals up in September
It is being claimed that the property market was back on the up even before the Help to Buy scheme was announced.

The British Bankers Association (BBA) has revealed that there was a sharp increase in the number of mortgage approvals seen in September.

According to the BBA, nearly 43,000 property loans were approved last month - which was ten per cent higher than in August and the largest number seen in a single month since December 2009.

With figures also still significantly lower than the high of just over 78,000 seen in December 2006 - a year before the housing market collapsed - it is hoped that these recent statistics will allay worries over a possible housing bubble being created because of Help to Buy.

However, some experts are still warning that more homes need to be built in order to avoid upsetting the balance.

Speaking to the Telegraph, IHS Global Insight economist Howard Archer said: "A shortage of new properties for sale compared to demand could be an increasingly significant factor in some areas, notably London and the south-east."
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