Britain sees uptick in mortgage activity
Posted on: Tuesday, 14 April 2009, 14:09 CDT
The Council of Mortgage Lenders in Britain said new loans for home buyers jumped 4 percent in February, indicating a possible turnabout in the housing market.
The CML said 24,300 new loans were approved in February, compared with 23,400 in January, The Times of London reported Tuesday.
After months of falling home values, building society Nationwide reported home prices gained 0.9 percent in March. In addition, Hometrack said the number of registered potential buyers increased last month.
In spite of the upturn, CML Director General Michael Coogan warned, we are not convinced that underlying trends have shifted sufficiently to change our forecasts for mortgage activity in 2009.
But, there are some positive signs for later in the year,
he said.
Even with an increase in loan activity, the value of new loans written in February was $4.6 billion, unchanged from January and down 55 percent from February 2008, The Times reported.
Source: United Press International
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