photo credit: woodleywonderworks
Mortgage lending in the UK hosuing market has increased in the last month, a leading lenders group has said.
Building societies in the country dished out £422 million in home loans during November – up from October’s £413 million. But the figures from the Building Societies Association (BSA) are still way down on a £790 million November 2007 figure.
However, the small rise may mean the British housing market is not set to slump further, group leaders said. Adrian Coles, director general of the BSA, said:
“It is encouraging to note that after the negative net advances figures in the summer the last three months have seen positive figures which suggests that the market is not deteriorating even further.”
He added it was “no surprise” some home buyers were staying clear of the housing market given rising unemployment levels and falling prices.
The BSA also revealed home loan approvals in November 2008 were £2,082 million compared to £3,850 million in November 2007.
The group represents all 55 building societies in the UK, boasting total assets of over £360 billion.
Last month the Halifax also had some cautious good news for the UK market after it revealed a new regular index showing first-time buyers were now more likely to be able to afford a house.
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…it’s not a rise in the mortgage rate – so have no fear there. It’s a rise in the number of mortgage applications. A rise in the number of mortgage applications could be a sign that we are at the bottom of the price fall curve?