The UK housing market has observed ﻿a rise of more than 8% in mortgage ﻿approvals over the first half﻿ of this year, tak﻿ing mortgage approvals to over 71,000 in August, which bettered the six month average of 65,594. Remortgage activity has also risen over 14% during the last six months. In addition, there are signs that house prices may be stabilising as buyers look for ways to reduce their monthly payments.
The UK housing market has observed ﻿a rise of more than 8% in mortgage ﻿approvals over the first half﻿ of this year, tak﻿ing mortgage approvals to over 71,000 in August, which bettered the six month average of 65,594. Remortgage activity has also risen over 14% during the last six months. David Whittaker, managing director of Mortgages for Business, has responded to this change by saying: "There is an ongoing shift to different sorts of mortgage lending, and a booming remortgage market reflects that interest in new products."