Housing market on road to recovery? - Mortgages - News - Moneyfacts


Housing market on road to recovery?

Housing market on road to recovery?

Category: Mortgages

Updated: 31/03/2009
First Published: 30/03/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Hopes have been raised that a recovery in the housing market is under way after figures from the Bank of England revealed the number of mortgages approved for house purchase rose to 37,937 in February, 19% higher than in January.

It is the highest figure recorded since May last year and also more than ten thousand higher than the record low of 27,330 seen in November.

Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, said the figures were further evidence that the pick-up in home buyer interest was feeding through into actual activity in the housing market.

"This is welcome news, but we will need to see a few more months' figures before we can say with any confidence that market conditions are showing a fundamental improvement," added Paul Samter, economist at the Council of Mortgage Lenders.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Do you think your home will rise in value?

There’s been a lot of talk recently about the rate of house price growth slowing, but is it affecting your personal expectations? According to research, it could be, with fewer people now expecting the value of their property to increase.

Confidence among “second steppers” is on the rise

We all know how difficult it can be taking that first step on the ladder, but what about the second step? In many cases, getting onto the next rung can be just as challenging, but happily, confidence among this cohort appears to be on the rise.

Mortgage arrears on the rise

Mortgage arrears had been falling for several years, driven by low mortgage rates and improved affordability – but unfortunately, that’s come to an end, with cases of mortgage arrears having now risen for the second quarter in a row.