Signs that the UK property market may be heading for recovery come from figures released by the Bank of England. The number of mortgage approvals for house purchases were up by 19% in Feb 09 indicating that home buyers were back seeking to buy property in the UK
The Bank of England figures show a total of 37,937 loans were approved for people buying a home in February which made it the highest level since May las year. The UK is experiencing record low interest rates and house prices are declining a combination that seems to be kick starting the housing market.
House prices in England and Wales are a record 10.3 percent lower than a year ago, even though the prices fell at their slowest pace for 10 months in March, property data company Hometrack said on Monday
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