The recent slowdown in the UK housing market might prove to be short-lived, as figures showed the number of mortgage approvals rose for the first time in five months in June, the Guardian newspaper has reported.
Approvals increased more than expected to 67,196, up from 62,007 in May, according to the Bank of England. The City had forecast a smaller increase to 62,600.
Economists said the figures suggested lenders were getting to grips with the new rules that came into effect under the mortgage market review (MMR) in April. The tougher rules require lenders to take additional steps to ensure people will be able to afford their mortgage repayments in the future.
Matthew Pointon, a property economist at Capital Economics, said the latest figures probably marked the beginning of a steady rise in mortgage lending over the coming months.
That looks like good news for first time buyers and those house hunters looking to get a mortgage at the moment, but obviously what you need to do and what is right for you as a house hunter in Sheffield will depend upon your specific circumstances. So, speak to us here at Belvoir! Sheffield Estate Agents now as we can help and advise you based on your specific circumstances and the area of Sheffield that you are wanting to buy,
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