Musings of a London Property Finder

Mortgage approvals for house purchases have risen for the first time in over a year following a record low in August.  The summer in general and August in particular are always slow in the property world but figures released from the Bank of England today show that the balance of money paid off mortgages outweighed those taking them out for the first time since the 90s.

Mortgage approvals are still approximately a third of rates before the credit crunch and the volumes of houses purchased is down 50%.

This glimmer of good news is not expected to affect the expected downward trend in interest rates with some expecting rates to fall to 2.5% by this time next year.  Buy while the going is good says the London Property Finder.

Technorati Tags: credit crunch, house purchases, Interest Rates, Interest Rates Fall, London Property Finder, Morgage approvals

Tags: credit crunch, house purchases, Interest Rates, Interest Rates Fall, London Property Finder, Morgage approvals