Award winning independent mortgage brokers Capital Fortune indicated yesterday that the housing frenzy in Britain appears to continue with borrowers racking up an additional £10 billion of borrowing last month compared to the previous month.
The announcement was echoed by the Bank of England on Wednesday when it announced that lending secured on dwellings rose by 9.808 billion pounds the highest since September 2003 when house prices were rising at double-digit rates.
At a meeting of local business leaders in central London Rob Killeen, founder of Capital Fortune announced that approvals for future purchases rose to 128,000 last month, the highest since December 2003, and suggested that despite the recent raise in interest rates, for the second time in 3 months, the latest revival in house prices appears to have some way to go.
Policymakers may be alarmed the housing market is showing no signs of slowdown even when interest rates have already climbed 1.5% from the 48-year low of 3.5% reached back in 2003.
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