There were 49% more mortgages lent in January 2006 than in January 2005, evidence of stronger house prices.
122,000 new mortgages were approved for homebuyers in January 2006, same as December 2005, yet far more than the loans agreed at the same time last year.
This is the greatest number of mortgage approvals in any month since May 2004.
This is fabulous news for house prices in the short term. However, analysis from Nationwide questions whether this early strength in the property market may detract from business later in 2006.
Further increases in activity are not likely, yet the firm economic climate signifies that housing demand remains steady.
Should house prices rise again, buyers are likely to be put off, and prices will slow down again.
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Mortgages Borrowed Figures Rise Thu, 02 Mar 2006
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