Latest Bank of England mortgage figures show that the UK property market is in "excellent health".
126,000 mortgages were approved for purchase of houses in September, the highest in two and a half years.
The housing market continues to be healthy. That plus a strong economy is driving investor activity in terms of strong demand for housing .
Bank of England figures show that total net lending on homes went up £8.9 bn in September, 11.2% more than 2005.
As the number of mortgages carry on rising, the supply of properties into the market has not gone up in line.
Mortgage approvals have increased, yet new property into the market is at its lowest in four years thus reducing supply.
Further house price rises are likely due to market conditions. Yet price rises are not necessarily good news for everybody.
Higher interest rates as well as healthy house prices are only going to add to affordability problems which are likely to more so squeeze buyers out of the market.
Moreover, first time buyers are having a more difficult to break into the housing market, with more people missing mortgage payments recently .
People are also finding it more difficult to climb up the property ladder .
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The UK Property Market is Healthy
Wed, 08 Nov 2006
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