Mortgage market slightly improved in April

There was a slight rise in the number of mortgage approvals being granted in April, which may be good news if you are selling your own home.

Data from the Council of Mortgage Lenders (CML) shows there were 40,900 loans, worth £5.9 billion, granted throughout the month, up from 37,900 in March.

April also saw an eight per cent rise in the number of mortgages given to first-time buyers, who borrowed an average of 80 per cent of a property's value.

Michael Coogan, CML director-general, predicted: "The economic outlook, coupled with Bank of England subdued approvals data for April, suggests a muted summer for mortgage completions so we do not expect further increases in lending over the coming months."

Figures from the Halifax Housing Market Confidence Tracker recently found that one in three people believe house prices will rise over the next 12 months.

  • Property News from Lawpack: buying or selling your own house? Straight-forward advice on DIY house selling.

Published on: June 15, 2011

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