Loans and Finance

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Monday, November 27, 2006

The British Bankers' Association have reported that home purchase loans have reached the highest level in four months in October.

Lenders have approved 74,997 mortgages for home purchase, an increase from 72,155 in September and 4% higher than a year earlier.

The average value of loans has risen by 11% (in the year to October) to £114K, a total of £18.9BN was lent in October (8% higher than the previous year).

The UK housing market underpins the British economy, and as such any increase in lending is taken by financial pundits as being good news for the economy.

Needless to say, house prices are also rising. Property research group Hometrack report that house prices rose 0.6% in November, pushing the annual rate to the highest since August 2004.

So long as the market keeps rising, then there will be no problems......the question is, can it keep rising?

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