Growth in Mortgage Market.
There continues to be positive signs in the mortgage market, particularly with regards to funding. The Bank of England says: The supply of mortgage funds will be increased “significantly” by the Funding for Lending Scheme (FLS). A survey of lenders by the Bank reports that lending picked up in the last three months of 2012, and will continue to do so in the coming months.
In addition, over the year to January 2013 average house prices in England & Wales have risen by 3.1% in line with the annual rate of inflation, according to the latest LSL House Price Index. January marks the eighth consecutive month that house prices have risen with the average price paid for a house in January 2013 being £480 (0.2%) more than that paid in December. The Index also shows that sales are up by 8% as mortgage availability improves and bank funding conditions loosen.
For Independent mortgage advice, contact Clifftons today.
Posted: 9th February 2013