Chartered surveying firm e.surv has calculated that mortgage lending throughout 2015 rose by a significant 12.5%.
The survey found a small dip of 3.1% from November to December, but over the second half of the year taken as a whole, mortgage approvals averaged 69,572, rising from an average of 64,047 for the first six months of 2015. Over the whole twelve month period this meant total mortgage lending for house purchases increased by 12.5%.
There was also a substantial 32% rise in what is known as small deposit lending. This is defined as loans made to buyers who have a deposit of 15% or less of a property’s total value.
Elsewhere, the Office for National Statistics reported that UK house prices across the country rose on average by 7.7% during the twelve months to November. Unsurprisingly, the biggest increases were in London and the South East and the East of the country. The rise in the East of England was 10.2%, while London and the South East saw average prices rise by 9.8%.
If you are thinking of buying or selling in the Gloucester area, contact long-established local estate agents Farr & Farr on 01452 500025 or explore our website farrandfarr.co.uk
