Monthly mortgage approvals hit second highest level in over two years

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Managing Director of One 77 Mortgages, Alastair McKee, commented:

“While slightly below forecast, the latest figures show a very healthy level of mortgage approvals and the second-highest monthly total in over two years. This is a very positive sign for the UK property market and suggests that things are finally heading in the right direction where buyer demand is concerned.

We’ve seen the number of residential property transactions fall yet again this week, but this fresh influx of buyer activity should help to reverse this negative trend as the months go on.”

Founder and CEO of Springbok Properties, Shepherd Ncube, commented:

“A very consistent picture at one end of the property spectrum and a strong level of mortgage approvals for the third consecutive month in a row suggests that the market is alive and well from a buyer point of view. Of course, while this bodes well for the months ahead, approvals are just that, and we need to see these transitions into actual sales.

Now that Boris Johnson has the keys to Number 10 the potential transferral of stamp duty tax to the responsibility of the seller and not the buyer, could cause many home sellers to think again about listing their homes. But for the time being, conditions remain favourable for buyers and this heightened level of demand should also see sold prices start to climb which will be welcomed by sellers.”

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