Mortgage Approvals Surge In April

Almost £9bn worth of residential mortgages were approved last month, amounting to around 43,000 loans, according to a report based on figures from trade body UK Finance.

The volume of approvals was up 6% compared to the previous month and 11% over the last year on a seasonally adjusted basis and amounted to the highest value of lending in almost 12 years, according to the figures.

The average value of these mortgages was £203,400, reported to be the second-highest level on record.

The Telegraph report claims that more money was put into the housing market than in any month since 2007, as buyers ‘stopped waiting around for Brexit’ and went ahead and moved house anyway.

Surging lending figures are one thing, but most estate agents are reporting a less than surging property market at the moment. So Brexit or no Brexit, it seems that these are quite unique times for the property market.

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Source The Telegraph
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