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Green roots of recovery
Things are getting easier for mortgage holders and people looking to move house according to the Bank of England’s monthly look at business conditions.
More people are looking to move house again with some estate agents saying that they are receiving four enquiries for every house that’s put on the market. This demand could see house prices starting to rise again before the end of the year.
There has also been a rise in the number of people looking to buy a new house at an auction. Mortgage lenders often sell repossessed houses through auction sites so it is possible to get a house there at a much lower rate than you would do if you bought it in the traditional way through an estate agent.
Many of the people buying at auction are those who don’t need a mortgage but have enough money to buy a new house with cash. But it is also possible for people with mortgages to take advantage of what auctions have to offer. You just need to get a mortgage in principle arranged before you go to the auction so that if a property does take your fancy you can put an offer in on it.
The other good news is that the Bank of England reports that there has been an increase in the number of mortgages available - so more lenders are now prepared to lend more money to more people. Therefore if you have found it difficult to get a mortgage in the past year or so, it may be a good time to try again.
Together the report of more people looking to move house and more mortgages available shows definite green roots if not the green shoots of recovery.
26th June 09
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