HOUSING MARKET IS MAKING A REVIVAL

New figures just announced indicate that there are positive signs of a recovery in the housing market.
The number of mortgages lent for house purchase rose 7% in August from the month before, to reach 52,000, up 2% on August the year before, according to the Council of Mortgage Lenders (CML).
At the same time, figures from the National Association of Estate Agents (NAEA) show an increase in house-hunters registered per branch from 299 in July to 304 in August, the highest since September 2007, with sales up from an average of seven to eight.
These trends are confirmed by leading South West estate agents Besley Hill, who report a similar upturn at their network of offices throughout Bristol and Gloucestershire.
The CML data reveals that the number of loans to first-time buyers rose 5% both from July and August last year, with 19,000 loans taken out by first-time buyers. Home movers took out 33,000 loans in August. Lending to both first-time buyers and home movers was at its highest for over a year while remortgaging activity rose sharply by 9%, with 34,100 remortgage loans advanced.
“These statistics and the NAEA figures showing the highest number of house hunters for four years and rising sales in the traditionally slow month of August are evidence of a revival,” said Besley Hill managing director Adam Offer.
“This improvement is also borne out by reports that the market is beginning to move again from the directors and Mortgage Advice Bureau (MAB) representatives at all our offices.”