"More new mortgages and a net rise in borrowing reflected a stronger mortgage market in November. With approvals up a third on a year earlier, lending will continue to be strong in the months ahead."
- David Dooks, BBA statistics director
The number of mortgages approved rocketed more than initially was expected in November. The average house has added more than 12,000 pounds of its value during the year. Price growth is forecasted to be in all regions– not just the capital and the South East. These are just a small part of arguments that are speaking in favour of a further growth of the housing market in 2014.
While Mark Carney and other authorities are trying to figure out measures on how to limit price gains, a report from British Banking Association showed the number of loans for house purchases propelled by 45,044 in November, from 43,315 in October, and well above analysts' forecasts. The figure is 39% higher than in the same month a year earlier.
Meanwhile, the nation's largest mortgage lender, Halifax, predicts the gauge measuring the growth of housing prices to advance around 8% next year, following a 7.4% growth in 2013. The company also stated that even despite they see a price growth in all regions, there is a little sign of the excessive behaviour which is usually associated with a housing bubble. In order to address constantly rising prices the BoE has already pledged to reduce its Funding for Lending Scheme next year.
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