Mortgage Approvals Reach Highest Level In 2 Years
Demand for property rose yet again in November according to the latest UK Housing Market survey from the Royal Institution of Chartered Surveyors (RICS).
But the body warned that economic uncertainty is still holding the housing sector back from really flourishing.
Some seven per cent of surveyors said that they had seen a increase in the number of new buyer enquires last month, meaning that demand has continued to rise steadily for each of the past three months.
On top of this, newly agreed sales increased by 14 per cent and the average number of sales dealt with per surveyor or branch climbed by 15.4 per cent.
However, RICS warned that the market is still very subdued in many regions and, while the figures are certainly encouraging, they are still far short of those posted in the years prior to the start of the credit crunch.
RICS housing spokesperson, Alan Collett, said:”It is encouraging that buyer interest has edged upwards in the face of the endless diet of negative news from Europe and the turmoil in financial markets. However, a meaningful recovery still seems some way off.”
Despite these comments, e-surv revealed this week that mortgage approvals last month reached their highest levels in two years.
