House purchase approvals perked up in October after three consecutive months of slowdown, e.surv’s latest Mortgage Monitor shows.
The chartered surveyor’s figures show monthly house purchase approvals grew 1.1 per cent in October to 61,952. This is the first monthly growth since the end of June and comes after three consecutive months of slowdown.
However despite the monthly upturn, the figures for both September and October were well down on the same time last year.
Richard Sexton, director of e.surv chartered surveyors, says the purchase mortgage market is self-correcting to operate at a more constant, stable pace.
“Now that regulatory changes have tightened up the nuts and bolts of the lending process, we can look forward to careful constancy rather than the unhealthy acceleration we saw before the recession. Far from the screech of brakes, this is the sound of a well-oiled engine humming in a sustainable gear.”
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