Housing market hits nine year high

The houstenanting market has hit nine year high driven by the buy to let lending which was triggered by the upcoming tax change. House purchase approvals has risen to 85,432 in January from 70,837 in December which way more than 20%, according to the latest Mortgage Monitor from e.surv.

Richard Sexton, director of e.surv chartered surveyors, says: “Buy to let approvals was being the main driving force to the growth in January home lending. The sudden rise was due to the concern of getting the buy to let loans approved before the upcoming tax change. First time buyers also have had a good start, the number of small deposit loans granted has risen in January which is a great sign that lenders still look to give first timers a chance. Rising wages and a delayed interest rate rise have also boosted first timer prospects.”

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