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Commercial Credit News
|Bank of England comment- Hope Capital|
|Friday, 30 September 2016|
Jonathan Sealey, CEO of Hope Capital says, “It was only last week that the CML announced that £22.5bn worth of home loans were handed out in August which was 15% higher than August 2015. However, in contrast to this, according to the Bank of England, the number of loan approvals for house purchase was down significantly; £4.8bn to be exact.
“However, given the recent tax, economic and political changes, it is understandable that people have been taking longer to make a decision in terms of buying a home. In fact, it is not that surprising that many consumers have paused and taken time to reflect on how these changes will affect them.
“On a more positive note, despite recent political events, the fundamentals remain strong in the UK’s property markets including low interest rates and an increase in consumer confidence. In addition, housing supply has reached a six month high and this will hopefully help to ease the imbalance between supply and demand that has exerted upward pressure on house prices in recent years.”
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