The latest mortgage approval data shows how enquiries are translating into actual transactions, it is claimed.
According to the Royal Institute of Chartered Surveyors (Rics), the level of activity may not be far away from historic lows, but it is too early to write the UK's property market off completely.
"Even the commitment given by RBS, LLoyds TSB and Northern Rock to raise lending this year will only boost the available mortgage finance by around ten per cent compared with 2008," Rics comments.
It believes more needs to be done in order to make sure the property market is able to function more effectively, with more transactions needing to make it through the whole process.
The Department of Communities and Local Government reported in March 2009 that house prices were 11.5 per cent lower in January 2009 than in January 2008.
It also said house prices fell by 3.9 per cent in the quarter ending January 2009.
See Also: Property News (6705)
Date Published: 26 March 2009
Related News
