A rise in number of mortgages approved for house purchases has improved house price prospects.
The Bank of England has just revealed that 120,000 loans were approved for people buying a home in June, that is 3,000 more than in May.
The activity in the housing market is increasing and at a faster rate than for some time.
The figures did not fulfil what consensus expectations were.
In addition to an increase in mortgages for home purchases, Bank of England data showed an increase in new home loans for other reasons, with those remortgaging (101,000) remained steady.
Moreover, the Bank's figures show that net lending in June was £9 bn on mortgages, 11% more than at the same time in 2005.
This is all great news for house prices .
Bank of England mortgage data for June confirms that housing market activity has increased after showing some signs of faltering in April.
House prices could get higher soon, after showing some signs of lessening.
A shortage of properties in some areas boosts prices, particularly in London and the south-east, where house price rises have been more marked than anywhere else in the country.
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Mortgage Great News for House Prices
Mon, 31 Jul 2006
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