31
Dec
Mortgage availability 'rose in final quarter of 2009'
The availability of mortgages increased during the final quarter of
2009, it has been discovered - news that may be welcomed by estate
agents.
According to the Bank of England's latest Credit Conditions survey,
lending conditions were most favourable for those seeking to borrow
over 75 per cent of the value of their properties.
Furthermore, lenders also reported that credit availability for
companies improved during the last three months, although by
slightly less than originally predicted.
However, when it comes to unsecured credit, such as loans and
credit cards, availability continued to fall, the survey added,
although the Bank expects this situation to improve over the coming
quarter.
"The survey raises hopes that credit conditions will increasingly
become less of a constraint on economic activity over the coming
months," Howard Archer, chief UK economist at Global Insight,
explained.
This news comes after figures released by the Land Registry Office
this week showed that properties in London have undergone a
significant year-on-year price rise.