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UK Mortgage market continues to slow

New figures released from the Bank of England show the number of mortgage approvals fell in February, continuing the slow start to 2010 for the housing market.

Mortgages approved for house purchases fell by around 1,000 to 47,094 and this was the third monthly fall in numbers since the end of the stamp duty holiday.

The savings market saw a jump in balances held; the Building Societies Association showed that balances held at mutual institutions increased by £807 million in February, the first increase for a year.

There have been many reports and reasons given for the slow start to the year for the housing market, mainly the end of the stamp duty holiday and the bad weather. New figures from the Bank of England and the British Bankers Association now show that this has continued in to the New Year;

The number of mortgages approved for house purchases was 47,094, lower than the previous 6 months which stood at 55,130.

The number of remortgages increased in February to 27,297 from the previous 6 months average of 25,985.

Craig Gedey, Marketing Manager at Debt Advisory Line said: ‘Home movers have been taking advantage of the Governments Stamp Duty Holiday and this has obviously helped bolster the UK housing market.’

‘You would expect to see the housing market pick up as we move in to spring 2010 and remortgage numbers continue to increase.’

‘Anyone looking for help with their debts and who is considering a remortgage should speak to a professional and DEMSA approved debt Management Company like Debt Advisory Line – Visit our web site www.debtadvisoryline.co.uk or call us FREE on 0800 157 7254 today.’