What next for the UK property market? If data on mortgage lending is anything to go by, the answer is up.
According to the latest research from the Bank of England, lending on secured dwellings rose to £9.8 billion last month, that’s the biggest monthly rise since September 2003.
If net lending gives an indication of where house prices will be soon, mortgage approvals should give an indication of market strength even further into the future. The Bank of England data also revealed that mortgage approvals for house purchases rose to 128,000 last month, the highest since December 2003. To put this in context, the long run average is 97,000.
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