Six Year Mortgage Approval High

Six Year Mortgage Approval High.

The Bank of England (BoE) has said the number of mortgages approved but not yet lent had reached 76,947. This was the highest number since the start of the banking crisis in 2007.

This number is expected to rise over the coming months pushing prices higher. 2013 saw over one million homes sold in the UK, this was the first time this number has been reached since 2007.

The banking crisis caused a shortage of mortgage approvals since banks were more reluctant to approve mortgages, but since then the UK mortgage market has picked up and this trend is expected to continue.

Government based schemes are also helping the mortgage market with new home buyers now more likely to be approved for a mortgage with the help of the Help to Buy scheme.