A surging mortgage market?

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Earlier this month, The Bank of England’s quarterly credit conditions survey prompted significant news attention (see FT and WSJ for example) with talk of a “surging mortgage market”.

Good news for older people struggling to sell and move to a smaller house and good news for younger people wanting to get their foot on the housing ladder?

Well, let’s not get too excited.  While it is true that the number of mortgage approvals has increased markedly on the same time last year, the overall number of approvals remains significantly down on the pre-crisis period. Despite all the hype, secured lending is yet to really drive the recovery.

Ben Franklin and David Sinclair

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