27/02/2014
Approached the golden age before the crisis
The real estate market in Britain thrive .. lending more than 57%
Statistics point day after day to the British real estate market continues to rebound strongly, figures for the rates and mortgage rates rising so close to the Golden ages before the outbreak of the economic crisis of 2008. The British Bankers Association said that mortgage loans approved in the month of January last reached the same level as in September 2007. And the percentage of mortgage loans approved but not yet paid by nearly 57 percent from last year, although this figure remains below 30 per cent compared to the situation before the economic crisis, the British Bankers Association said this recovery was due to Government efforts to help those wishing to buy residential units for the first time.
And for the ' economic ' David comment 'My bar mortgage expert at Hart, the indicators suggest that the future of Britain's real estate investments, with continued improvement in economic performance is the recovery of the property market, the market more attractive to both local and foreign investors. He added that a recovery in home building companies, sales in growth compared to last year, the latest data indicates that it received from the sale of real estate in advance about £ 1.4 billion this year, compared with £ 1 billion just last year. And about the current recovery in mortgage lending rates confirms David, despite the improvement in mortgage rates British banks Association said that its rates have been higher in the past month by 38 percent compared to last year, but remains significantly lower than the overall average in the long term, this clearly reveals that there are broad prospects for improving mortgage lending operations and greater prosperity in the market during the coming period.
To improve the operations of mortgage lending and greater prosperity in the markets during the coming period.
Howard Archer, chief economist at Global Insight for the British media Said that he was optimistic about the future of the real estate market in the UK expected to increase property prices by about 8 per cent on average a year across the UK all through the year 2014 , but in any case it can be our conservative and lessThis will be achieved already , there is a real risk of experiencing huge leaps in house prices over the coming months .
While improving economic performance in conjunction with the British recovery in the real estate market, with increasing expectations that the Bank of England governor to raise interest rates at the end of 2015, most of the weights indicate that it will have repercussions on the rates of mortgage lending.
With the realization of the British authorities risk that would result from higher interest rates, and what this means from the increasing number of property owners and houses of defaulters and who are unable to repay the value of the mortgage loan every month, they asked the lenders, whether they are banks or institutions that they select the people are expected to enter in the circle of defaulters and putfrom now plans to cope with the situation expected in the future.
However, others see the image of the current real estate market for the British in a different way.
According to Yen Kunar engineered in Company G & L Building & Construction for " economic " that the present recovery in the real estate market does not include the United Kingdom as a whole, it is concentrated in London and specifically the center of the capital, where demand exceeds supply stages, and increase the current lending rates caused because we hadWe got very low stages of mortgage lending.
Prepared Barclays Bank study highlights the anxiety caused by the impact of higher interest rates in the future borrowers to buy units of population , and the study found that low-income families too , which is according to the standards of income in Britain as poor families suffer with any modest increase in interest rates , and will bedifficult for them to deal with it , since 20 per cent of the poorest households , which owns and population units in Britain already spend more than half their monthly income to repay home loans .
The study emphasizes that if the Bank of England to raise interest rates from their current level of 0.5 per cent to 1.25 per cent , every family is falling by the burden of annual additional estimated 252 pounds , and will increase the total mortgage payments in the UK from 69.2 billion pounds a year to 71.4 billionyear.
