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Concerns over housing recovery

Jonathan Winston Jonathan Winston
2 min read

New Bank of England figures have led to concerns that the tentative housing recovery has stalled. The figures show that the number of mortgages approved did rise but at a lower rate than expected and net mortgage lending fell by 83%.

The rise in home loan lending was at just £300 million, down from £1.8 billion in February and was the lowest increase since July last year when the housing market began its recovery from the worst effects of the recession. The poor figures are partly explained by the end of the stamp duty holiday which led to many first-time buyers rushing to take advantage before the duty fell from £175,000 to £125,000. Economists also believe that the severe winter had an effect along with continuing uncertainty about the forthcoming general election.

In total mortgage approvals averaged just 47,886 during the first three months of 2010, following a total of 59,572 last November. Approvals for remortgaging rose to 27,880 opposed to a six-month average of 25,853 and approvals for other loans reached 25,484.

Howard Archer, economist at HIS Global Insight said: “The Bank of England mortgage approvals data do little to dilute the belief that the housing market is finding it difficult to regain momentum after flagging at the start of 2010. We expect house prices to be erratic over the coming months and they may very well be no better than flat over the rest of the year.”

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We recently used Winston Solicitors for conveyancing on both the sale of our previous home and the purchase of our new one. Michelle Ayres was exceptional throughout. She was accessible, proactive, and it genuinely felt like she was on our side and working in our best interests.There were a few challenges in the chain, but Michelle was always willing to take the time to explain the situation, outline our options, and keep everything moving. As our process stretched over 6 months, there were times when Michelle was out of the office, but Olivia Cooke and Samantha Robertson-Strong seamlessly picked things up and ensured nothing ever slipped.It was an outstanding experience that made a difficult and often stressful process far more manageable. We would highly recommend Winston Solicitors and especially Michelle to anyone, and we will certainly look to use their services again in future (although we plan to enjoy our new home and give ourselves a well earned break for now!).
Glenn
Amr and Joe are responsive and helpful, very professional.
Tracy M, West Yorkshire
Samantha was excellent at helping us secure our house. She was extremely responsive, organised and thorough in her work.I would recommend her and Winston solicitors to anyone.
Mr Peterson a
Sidraa and Tom were incredibly thorough and kept me up to date in a timely manner. Would recommend!
Alexandra
Amr and Joe recently acted for me on the sale and purchase of properties. They were both very professional, responsive and promptly dealt with any enquiries. My experience with Winstons was really positive having used other firms for previous transactions. I would definitely recommend to family and friends!
Ruth
I purchased my first house through Winston Solicitors. The experience I had from start to finish was amazing. I will definitely recommend Winston Solicitors to my family and friends and will be using them again in the future.
Aruna
Samantha Robertson-Strong has dealt with the conveyancing for the sale of my property and purchase of a new home. Throughout the process of selling Samantha dealt with queries from the buyers promptly and professionally. This included one particular hiccup, that threatened to delay and complicate matters, by simply advising on a point of law that the buyer’s solicitor was seemingly not aware of.The purchase of our new home was dealt with in a similar manner, no stone left unturned, fast paced and with regular up dates on which stage we had reached. We felt well informed and in good hands throughout the process.Fast to respond, no flannel and an in-depth knowledge of property law Samantha is exceptional and I would recommend her services to anyone about to buy or sell a property.
Elizabeth
We worked with Leasa at Winston Solicitors for our house move and she was absolutely amazing from start to finish. She really went the extra mile for us! Her communication was impeccable, she was friendly, knowledgeable, and assertive when needed. When the chain became difficult and the completion date was at risk, Leasa went above and beyond to make sure everyone got over the finish line. You always hear horror stories about slow or unhelpful solicitors, but Leasa was a complete breath of fresh air. The whole process felt smooth and well-handled thanks to her. Couldn’t recommend her highly enough!
Christopher
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