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Increased lending and improving market confidence

There was encouraging news from Nationwide last week when it announced its highest six month lending period for five years.

Over the half year to 30th September 2013, the Nationwide Group reported that it had increased its gross mortgage lending by 37% to £14 billion. This is up from £10.2 billion over the same period in 2012/13.

During the six-month period, Nationwide provided mortgages to more than 30,400 first time buyers, a 52% increase on the same period last year. 

Further good news has come from Clydesdale and Yorkshire Banks, which have released the results of a survey indicating that confidence is beginning to return to the property market.

Almost half (48%) of those surveyed believe that the value of their home will increase over the next 12 months. This is a marked increase from just 25% six months ago and 18% in April 2012.

London continues to be the most optimistic region, with 63% predicting an increase in house price. People in Scotland unfortunately appear to be the least optimistic – just 35% of those surveyed said they were expecting a price increase during the next year. However this still compares favourably with the 20% who were expecting an increase in value in April 2013.

The most significant upsurge is in the East where 50% of homeowners now predict an increase in the value of their home. Only 14% predicted an increase in April 2013.

Interestingly, men remain more confident than women when it comes to the value of their home. The latest research shows more than half of men (54%) believe their property will increase in value over the next 12 months compared to just 42% of women.

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