UK Mortgage Approvals Increase

Aug. 3, 2009 - PRLog -- Edward Kirwan, Investment Portfolio Consultant with the Worldwide Property Group, announces that the amount of mortgage approvals in the UK  increased in June and by 1.3% in July, the second month in succession.

According to the British Bankers Association, mortgage approvals increased to a 15 month high in June. This represents an increase of 65% on the same month in 2008. This trend  is set to continue and raises hopes that the worst of the ‘credit crunch’ is now behind us.

The banks have shown that they now have an increased ability to lend and this looks likely to be the start of a recovery within the mortgage sector which is hoped will result in increased activity in the property market. Although it is still too early to tell for sure whether the property market has bottomed out, there are some very encouraging signs.

Within minutes of this news hitting the news wires the Office for National Statistics announced that retail sales had also increased sharply for the month of June. The 1.2% rise in June and 1.3% in July was far greater than the 0.3% that had been predicted by many economists.

With confidence beginning to re-appear in the markets and positive economic news becoming more frequent,  it could be that the end of the recession is in sight.

The International Monetary Fund has revised its growth forecasts upwards with global economic growth expected to return in 2010. So we might very well be through the worst of the storm, which would indeed be excellent news. The bottom of an economic downturn is a great time to invest in property and the Worldwide Property Group has recorded a matching increase in inquiries for UK properties.

Edward Kirwan and The Worldwide Property Group are available for property investment advice and can be contacted here: http://www.edwardkirwan.w-wideproperty.com

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Edward Kirwan Edward Kirwan, is an Investment Portfolio Consultant working with the Worldwide Property Group.
We provide prospective clients with accurate advice on investment property to assist in building a portfolio that provides financial security.