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UK mortgage approvals up 81.4% in Aug

Posted on 24 Sep 2009 | Comments Off

But consumer credit and demand for re-mortgaging remains subdued

British banks approved 81.4 per cent more home purchase loans in August than the same month a year ago but consumer credit and demand for re-mortgaging remained subdued, a survey showed yesterday.

The British Bankers’ Association (BBA) said that 38,095 mortgage applications were approved last month.

That was similar to the 38,186 approved in July but significantly higher than August 2008 when activity in the housing market had almost ground to a halt.

The figures chime with other surveys showing that record low interest rates have helped stabilise Britain’s housing market after sharp price declines last year.

However, BBA director of statistics David Dooks noted that the big banks had picked up market share from smaller lenders and the broader picture may not be so robust.

‘The main high street banks’ mortgage lending has stabilised in a market where other lenders are largely inactive,’ he said. Continue reading →

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Posted in Overseas Property

Tagged UK Property, UK Property Loan, UK Property Market

London still the place to be

Posted on 24 Sep 2009 | Comments Off

Singapore and Asian investors now see the City as a safe long-term investment, and as long as the sterling is low they will be buying

THE UK property market is waking up, prices are rising and the British pound is regaining its strength. The good news is that there are still bargains to be had for astute overseas investors.

The first recommendation for buyers is to get an opinion, via a friend or relative in the UK, to check if the location really is where it should be – that is, ‘24 minutes from Bond Street’, or ‘within easy reach of London’s top schools’.

Many buyers may be tempted into a purchase that, while looking like great value on paper, would offer little opportunity for capital growth and is probably not attractive to tenants. Having said that, there are still opportunities to be had, especially in the established locations, to make the Singapore dollar sweat against the pound sterling.

According to the latest quarterly index from Savills Research, prime central London prices rose by 4.3 per cent in the three months to June, effectively wiping out the falls seen in the first quarter. By any measure, this is a significant quarterly growth. Continue reading →