It's outstanding to hear good news when it comes to lending doesn't it? It gets better for renters and homeowners in the United Kingdom. According to a report propertywire.com, "The number of loan approvals for house purchase in the UK increased by 2.7 percent in June compared to the previous months."
With the ongoing issues on high cost of rent and mortgage crisis, the high tendency of being approved for loans offers relief and better options for the tenants. Loan approvals reached 66,582 compared to the average of 62,971 over the previous six months and the value of these loan approvals has increased 6.48 percent month on month as stated in a report by airep.co.uk.
It is a momentous day for any homeowner out there that dreams of having their own home or paying off their mortgage. According to a report by royaldockside.com, "Private rental prices paid by tenants in Britain increased by 2.5 percent in the 12 months to June 2015." With the rent price hike on the horizon, the highest approval rate provides comfort for the day.
Statistics have shown that the quantity of approvals for remortgaging was at 36,620, in comparison to the average percentage of 33,759 for the past six months.
It is also comforting news for the homes market since there has been a struggle in keeping home mortgage at bay. According to a statement by Adrian Gill, director of Your Move and Reeds Rains estate agents, "Mortgage approvals have filtered into a faster lane, and the lending has also covered a fair distance, and the road ahead looks promising."
Opportunities are clearer now for the potential homeowners in the UK. There might be an increase in buyers' registrations due to the higher probability of being approved for lending applications. According to a report by propertywire.com, "This will cause further price rises over the summer, but buyers have plenty of cause for confidence, as cheap mortgage finance and smaller Stamp Duty fees keep home ownership within grasp."
