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07/04/2009
Mortgage rise 'clearest sign of recovery' |
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The recent increase in the number of mortgages lent is the most tangible sign of housing market recovery, it has been suggested.
Director of property website Mouseprice.co.uk Selwyn Kim said that price statistics such as those recently produced by Halifax and Nationwide showed no clear pattern.
Describing these as being like "crocodile teeth", he stated that they are "more of a feature of index volatility than any underlying movement in real house prices".
In contrast, he stated, Bank of England figures showing a 19 per cent jump in home loan lending in February was "far more encouraging" as this showed a real improvement.
Nationwide chief economist Fionnuala Earley expressed caution when the lender recorded a 0.9 per cent price rise in March.
She commented: "It is far too soon to see this as evidence that the trough of the market has been reached."
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