Properties shortage strikes mortgage lending

remortgageThe shortage of properties for sale has hit house purchase approvals, which fell more than 3% in December. The decrease in approvals has been seen evidently month on month wherein, there were 68,218 house purchase approvals in December, which is down by 3.1% from 70,410 in November. However approvals did climb 12.5% year on year, according to the latest Mortgage report from e.surv.

Richard Sexton, director of e.surv, says: “House purchase lending has been revived over the past year. The second half of 2015 looked stronger than the first in lending terms, the trend looks positive. Small-deposit lending has been transformed by a renewed enthusiasm to help first-time buyers cross the verge of homeownership, as evidenced by the number of higher LTV products available. Supply issues are a growing problem. Limited choice of affordable homes is certainly proving a challenge to some buyers.”

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