View more on these topics

House purchase approvals rose 12% in February

The number of house purchase approvals grew by 12% in February to 35,000, data from the Council of Mortgage Lenders reveals.

The trade body says January was a weak month due to one-off factors including the end of the Stamp Duty holiday in December and severe weather.

The 35,000 loans advanced signifies a modest recovery, although the number was up by 49% in volume and 67% in value compared with a year earlier.

Remortgage approvals grew by 2% to reach 24,000 but this was still 35% down on the number of remortgage loans advanced last year.
There were 12,600 first-time buyer loans worth £1.5bn advanced in February with an average LTV of 75%.

Bob Pannell, head of research at the CML, says: “The Stamp Duty exemption could boost the market somewhat and we hope to see the traditional seasonal pick-up as the weather becomes warmer.”

Countrywide, the UK’s largest mortgage broker and property services group, reported last week that it saw mortgage applications grow 20% in March to a level not seen since February 2008.

March was the third consecutive month of mortgage application rises, with Q1 2010 volumes 9% up on the same period in 2009 based on activity at Countrywide Mortgage Services and its network of 700 mortgage consultants.

The overall volume of mortgage products increased by 8% in March compared with the previous month – a 112% increase since March 2009.

Recommended

2

Unemployment jumps to 2.5 million

The number of people unemployed in the UK has gone up by 43,000 between December and February to reach 2.5 million, data from the Office for National Statistics reveals.

Repossessions in sub-prime RMBS lowest since 2005

Repossessions in UK sub-prime residential mortgage-backed securities declined to 1.48% of the out-standing balance in February 2010, a level last recorded in August 2005, according to Moody’s Investors Service. Arrears in the month also fell to 19.2% from a peak of 21% in June 2009. Most series recorded falling arrears but those in transactions issued […]

Don’t play chicken with the Bank of Japan

By Josh Ausden, Head of Client Investment Strategy, Neptune Short-term yen strength has hurt the Neptune Japan Opportunities Fund but recent events have only added weight to our conviction that the Bank of Japan will act to ease policy, boosting multinationals’ profits and weakening the yen. In recent weeks the performance of the Japanese stockmarket […]

Newsletter

News and expert analysis straight to your inbox

Sign up