Mortgage approvals 'likely to fall'
Britons are likely to continue to struggle to obtain finance for the purpose of buying a home, an expert has warned.
According to Capital Economics, figures showing that lending increased in February cannot be taken as an indication that the market is stabilising.
Vicky Redwood, UK economist at the research consultancy, explained that it is too soon to tell how banks will behave.
"We still think there is a big risk that they will become even less willing to lend as their losses continue to mount," she said, something that may encourage those looking for property in London to opt for flats to rent in Greenwich and other boroughs, rather than buying.
Ms Redwood's comments follow Bank of England findings that loans for house purchase rose in February.
However, the Bank's survey of lenders indicated that the availability of secured credit actually declined in the three months up to mid-March.
Written by Andy Britten
Published 6th April, 2009
© 2009 Estates IT Limited
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Britons are likely to continue to struggle to obtain finance for the purpose of buying a home, an expert has warned.