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Mortgage approvals rise to three-year high

Mortgage approvals rise to three-year high

Category: Mortgages

Updated: 04/07/2013
First Published: 04/07/2013

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The latest House Price Index from Halifax has found the number of successfully approved house purchase mortgages rose by 7% between April and May this year, reaching the highest monthly level since September 2009.

A total of 58,200 approvals were carried out during April and May, with the volume of transactions reaching the highest figure since March 2012 when first-time buyers raced to take advantage of the end of the stamp duty holiday.

As well as increased activity in the housing market, the average house price also grew during June, as consumer confidence in the housing sector and the overall economy grew.

The price of a typical property in the UK now stands at £167,984, 3.7% higher than in June 2012 and reflecting a monthly increase of 0.6%.

Housing economist at Halifax, Martin Ellis, said: "House prices continue to rise steadily. Prices in the three months to June were 2.1% higher than in the previous quarter, edging above the 1-2% range recorded throughout the first five months of the year.

"Activity has also improved in recent months. Both home sales and mortgage approvals for house purchase, a leading indicator of sales, increased in May.

"Despite these signs of improvement in the market, the still subdued economic background and weak income growth are expected to remain significant constraints on housing demand and activity during the second half of 2013," he warned.

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