Faith in mortgage borrowing 'is improving'

Date:Friday 23rd April 2010
Author: Max Freedman

New figures show that levels of mortgage borrowing are increasing and one expert has suggested that this trend will encourage more people to consider buying a property.

Jon Brown, partner relationship manager at iammoving.com, made his comments regarding figures from the Council of Mortgage Lenders, which indicated that there was an estimated 24 per cent rise in this figure for March, compared to the previous month.

He stressed that this figure does not provide a completely balanced view of the industry, since there has only been about a three per cent year-on-year increase, but noted that it is good news nonetheless.

"Fortunately people's faith in borrowing is slowly being restored while at the same time many areas of the UK are reporting an increase in property values or at least a stabilisation of prices," explained the expert.

Mr Brown stated that more people will consider putting their house on the market as a result of this news.