Mortgage approvals improve

The property market is going to be buoyant in the near future according to the thoughts coming out of many mortgage companies such as Abbey, Barclays, Mortgage Express, Standard Life and Northern Rock.

The Bank of England states the number of new approved mortgages improved in January.

New mortgage approvals rose by around 5% to 120,000, just under the average for the period June - December 2006.

The figures suggest that the 3 increases in interest rates since Summer 2006 have not had a major impact on the demand for mortgages and for house buying.

David Stubbs from the Royal Institution of Chartered Surveyors said "The strong economic growth and rising employment, enjoyed by the UK at present, is supporting housing demand, even in the face of recent increases in interest rates."