UK Money News
12th February 2008
Study highlights long-term decline of property sector
An increase in mortgage approvals during January cannot mask the long-term decline of the market, an estate agent has claimed.
Figures from Connells indicate that there 75,300 home loans approved during January - a rise of three per cent from December.
However, compared with January 2007, this is a decline of 37 per cent, a statistic which Ross Bowen, managing director of Connells Survey & Valution, said highlights the fact that a return to the buoyancy in the sector is some way off.
He commented: "The mortgage market may finally be finding a floor after months of decline caused by higher interest rates, the reduced supply of credit from mortgage lenders and the lack of consumer confidence.
"We should not read too much into one month's numbers, this is still the weakest market in 13 years and the ongoing impact of home information packs (Hips) following full implementation in December is unknown."
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