The property market is picking up, according to latest figures from the Bank of England.
In November the number of new mortgages approved for home buyers, but not yet lent, rose to 54,036 – the highest November figure for three years. Approvals hit a low for the year of 44,523 in June, but have been rising steadily since then. This suggest the Bank’s Funding for Lending Scheme (FLS) is encouraging more lending to home buyers.
The number of approvals is regarded as a good indicator of forthcoming trends and suggests that sales will keep on rising in the coming months. In the first 11 months of 2012, completed sales were 6% higher than in the same period during 2011. A recent survey of lenders by the Bank reported that FLS had encouraged more lending in the final three months of 2012, and that there would be a significant further increase in 2013.
Both the Council of Mortgage Lenders and the Royal Institution of Chartered Surveyors have predicted that FLS will help to revive lending and sales in 2013.
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