Chartered surveying company e.surv says overall house purchase approvals, on a seasonally adjusted basis, decreased to 68,218 in December. Though, the second half of the year saw a strong monthly average of 69,572 approvals, compared to the 64,047 in the first six months of 2015.
The whole of 2015 has seen an increase in mortgage lending of 12.5%
A significant annual rise of 32% was also seen in small-deposit lending, which are loans to buyers with deposits worth 15% or less of their properties’ total value.
An e-surv spokesman commented saying “In order to properly address supply shortages and champion first-time buyers, new entry-level homes need to be built, and as quickly as possible”.
The Office for National Statistics reported yesterday that house prices across the UK accelerated, rising 7.7% on average, but an increase of 9.8% in London and the South East and 10.2% in the East of England.