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BBA mortgage approvals up
Commenting on BBA mortgage approvals, RICS chief economist Simon Rubinsohn said:
“Figures published by the British Bankers’ Association this morning show that the number of mortgages approved for house purchase in March was a little higher than in February but down on the numbers seen in the latter part of last year. The flatter trend in activity is broadly consistent with the feedback from the RICS Housing Market survey which is showing that new buyer enquiries have stabilised in recent months after growing strongly through the course of 2009. The lack of availability of mortgage finance remains a key issue for the market but this is now being compounded by uncertainty around the outcome of the general election and the possible implications for the housing market.
“We still expect to see transactions gradually pick-up as the year progresses. One reason for this is that more property is now coming onto the market. In addition, it is likely that the stamp duty holiday announced in the budget will encourage some first time buyers to look to purchase property despite the continuing need to find a large deposit to secure a mortgage.”
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