Repossessions up despite increase in lending

Mortgage approvals are a good sign of change in the property market!

There was around a 19% increase recorded in February, for the number of new mortgages approved which was the highest since May 2008.

It was also a record month for borrowers repaying debts, which is due to the uncertainty of the employment market and the uncertainty of possible wages cuts.

The mortgage & property market has picked up slightly, but not enough to stop house prices falling. There needs to be a vast improvement to stop the housing market falling even further.

Even though there are signs that the mortgage lenders are now starting to lend money again, repossessions are also at a record high and showing no sign of slowing down. More and more people are now in negative equity and are not able to stop repossession.

The main option, the general public is choosing, is the sell and rent back sector, in order to stop repossession.