UK mortgage approvals highest since February 2008
September figures likely to be seized on by those who argue government's Help to Buy scheme risks creating new bubble
Katie Allen
theguardian.com, Tuesday 29 October 2013 11.39 GMT
Mortgages approved by British lenders jumped to their highest level for more than five years in September, fanning fears the housing market was already heating up even before the latest government support kicked in.
Banks, building societies and other lenders approved 66,735 mortgages in September, the biggest monthly total since February 2008, before the global financial crisis took hold.
The figures, from the Bank of England, were just ahead of City forecasts of 66,000 and compared with an upwardly revised 63,396 in August. Mortgage approvals are seen by economists as a good early indicator of where the housing market is headed.
More:
http://www.theguardian.com/business/2013/oct/29/mortgage-approvals-february-2008-help-to-buy
Snippet from the comment section:
bill9651
29 October 2013 12:00pm
I fear that first time buyers are being led up the garden path and will end up with negative equity when the help to buy scheme is withdrawn and interest rates rise. And if they default, the taxpayer will pick up the bill.
FastCars
29 October 2013 12:04pm
The government don't really give a shit. They just need the bubble to last up to 2015.