30
Nov
Bank of England reports net lending increase in October
The Bank of England has released figures that show an increase in
net lending to individuals in October by £0.3 billion over the
previous month.
Loan approvals for house purchases also rose in October, increasing
by more than 1,000 - to reach 57,345 - compared with
September.
Stephen Rubinsohn, chief economist at the Royal Institution of
Chartered Surveyors (RICS), commented: "While this [the level of
net secured lending] is still way down on the level of lending seen
at the height of the boom market, it does suggest that there is now
a little more give from lenders."
Mr Rubinsohn added that house prices are expected to rise further
in the new year as a result of the shortage of properties on the
market compared with the growing demand.
According to RICS, the number of new instructions for estate agents
is at a historically low level and demand for houses is
outstripping the supply, putting upward pressure on property
values.
