Mortgage approval rate jumps (From The Westmorland Gazette)

Mortgage approval rate jumps

3:51pm Friday 25th September 2009

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The number of home loans approved in August by major banks has surged by a massive 81.4pc compared with August last year, according to the British Banker’s Association According to the Association, the number of home loans approved by the banks are moving back to levels reached before the credit crunch.

The main thing holding back an even bigger jump in demand is the record low level of property coming on to the market according to Kevin Allitt Managing Director of Oystons Estate Agency.

“There has been a welcoming pick up in sales,” said Kevin. “Just looking at the number of sold boards compared with this time a year ago, I think it’s fairly obvious to everyone that the housing market is picking up.”

“We have been so busy that we have had to recruit more staff to cope with demand.”

“However, my only concern is the lack of new properties coming on to the market to meet demand. These are at a record low across the country and we urgently need more properties for waiting buyers.” “We are so confident this is a sustained recovery that we are now looking to expand the number of Oystons offices, initially in the North West.”

“We will be actively advertising in the press to acquire or form partnerships with other Estate Agency Offices throughout the region.”

Oystons were formerly the largest independent estate agency in the North and Midlands with 97 offices in operation and with many more in the process of acquisition. Royal Insurance bought the estate agency chain in 1987 for an undisclosed figure but believed to be for a record sum.

“We now intend to continue to the first phase of our expansion which will see Oystons opening 40 offices in the North of England.” said Kevin

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