Mortgage approvals 'could boost conveyancing demand'

Research from e.surv has shown that home loan approvals rose sharply by 4.3 per cent in March, suggesting an increase in the number of Brits moving home with the use of conveyancing services.

In total, 48,979 mortgage applications were approved last month, compared with a figure below 47,000 in February. This is the third consecutive month of growth as the market continues to recover from a sluggish Christmas period.

Particularly helpful to those moving home with the use of conveyancing services is the fact that the average loan-to-value (LTV) mortgage was at its highest level for three years.

Richard Sexton, business development director at e.surv, commented: "More people are getting higher LTV mortgage loans and approvals on cheaper properties have increased … more first-time buyers are finally getting onto the housing ladder."

Meanwhile, the latest LSL Acadametrics index for March confirmed that average UK house prices have remained static over the past 12 months.

Published by Tessa Jones