- Monday, 29 March 2010More Britons could have to make a
debt management plan as new figures show that remortgaging of properties is on the increase.
The Bank of England has revealed that mortgages approved for buying homes fell to their lowest levels in nine months, from £6.6 billion in January to £6.3 billion in February.
Just 47,094 mortgage loans were made for purchasing new property in February, well below the average 55,130 of the past six months.
However, more mortgages were approved overall, indicating a significant increase in the number of people remortgaging their property.
Moreover, the Bank revealed an increase in the value of unsecured consumer credit, such as credit card loans.
The value of such loans rose by 0.2 per cent from January to reach a total value of £528 million. That is the highest it has been for 15 months.
Howard Archer, chief UK and European economist at IHS Global Insight, told the Times of his expectation that the housing market would remain quiet as consumers struggled to gather funds for deposits and to access credit.
"We expect that the housing market will remain relatively muted through 2010 in the face of high unemployment and low wage growth," he said.
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