Home Prices Increase In Britain

Reuters reports that British banks approved 80% more new home mortgages last month as compared with a year before.

Home prices in Britain dropped by about 20% in 2008 but have been increasing this year.

Reuters says:

Demand for re-mortgaging continued to fall and gross mortgage lending was a third lower than at the same time last year.

Still, analysts said the recovery in mortgage approvals, a lead indicator of housing demand, provided further evidence that record low interest rates were tempting buyers back to the market.

Although still low by historical standards, mortgage approvals have more than doubled from record lows hit last November.

“Funding conditions and buyers’ confidence are improving as the housing market stabilises,” said Amit Kara, UK economist at UBS.

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (Alexander90210.com), he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Alexander90210.com. Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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