Mortgage approvals could drop in 2010
The number of approvals on home loans looks set to stay static or even fall further during 2010, it has been claimed.
According to Ducalian, mortgage approvals are unlikely to rise for the foreseeable future, which could mean that sellers have to take steps to stand out from the competition.
Some may opt to improve their home by installing a bespoke conservatory or garden studio to help their house appeal to more of the 49,815 Brits who were approved for home loans in May.
The Bank of England statistic represents a marginal drop on April's 49,828 and could be par for the course for 2010, according to Ducalian head of consulting Timothy Lambert.
"We believed that the rate of mortgage approvals were high for the start of this year and forecast that they would drop and possibly remain static throughout the remainder of 2010," he said.
Mr Lambert added that it might also be important for analysts to look at how many of these buyers are actually making a purchase for their personal use rather than as a buy-to-let investment.
Factors affecting the drop in approval numbers include unemployment and economic uncertainty, the expert noted.
Posted by David Waxman
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