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| Mortgage demand 'to keep rising' | Mortgage demand 'to keep rising' |
| (35 minutes later) | |
| Lenders expect demand for mortgages to continue to rise in the next three months but supply may be squeezed slightly, the Bank of England has said. | Lenders expect demand for mortgages to continue to rise in the next three months but supply may be squeezed slightly, the Bank of England has said. |
| The Bank's Credit Conditions Survey also found that demand for home loans "increased significantly" in the second quarter of the year. | The Bank's Credit Conditions Survey also found that demand for home loans "increased significantly" in the second quarter of the year. |
| The survey comes a few days before the Bank announces whether it will take any action to dampen the housing market. | The survey comes a few days before the Bank announces whether it will take any action to dampen the housing market. |
| Some have called for action to control rising house prices in London. | Some have called for action to control rising house prices in London. |
| The Bank's Financial Policy Committee met last week, and is widely expected to have discussed the impact of the latest official figures showing an annual property price increase of 18.7% in London. | The Bank's Financial Policy Committee met last week, and is widely expected to have discussed the impact of the latest official figures showing an annual property price increase of 18.7% in London. |
| Excluding London and the South East of England, the cost of a home was 6.3% higher in April than 12 months before, the Office for National Statistics (ONS) said last week. | Excluding London and the South East of England, the cost of a home was 6.3% higher in April than 12 months before, the Office for National Statistics (ONS) said last week. |
| 'Statistical fog' | 'Statistical fog' |
| Some commentators - such as the Royal Institution of Chartered Surveyors (Rics) - have suggested that momentum in the housing market has passed its peak. | |
| Government schemes have kick-started the market from the lull that started during the financial crisis, but the introduction of new affordability rules - known as the Mortgage Market Review - is thought to have caused a bottleneck with home loan applications. | Government schemes have kick-started the market from the lull that started during the financial crisis, but the introduction of new affordability rules - known as the Mortgage Market Review - is thought to have caused a bottleneck with home loan applications. |
| The Council of Mortgage Lenders suggested on Thursday that there was a "statistical fog" regarding mortgage data at the moment, owing in part to the disruption caused by these new rules. | The Council of Mortgage Lenders suggested on Thursday that there was a "statistical fog" regarding mortgage data at the moment, owing in part to the disruption caused by these new rules. |
| The Bank of England's survey of lenders, conducted at the end of May, found that demand for homes was expected to rise. | The Bank of England's survey of lenders, conducted at the end of May, found that demand for homes was expected to rise. |
| Approvals were expected to fall in the second quarter of the year, although in reality this did not happen. Yet lenders are predicting a significant fall in the number of mortgage applications that are approved in the coming three months. | Approvals were expected to fall in the second quarter of the year, although in reality this did not happen. Yet lenders are predicting a significant fall in the number of mortgage applications that are approved in the coming three months. |
| "Some lenders noted that changes introduced as a result of the Mortgage Market Review might reduce approval rates somewhat," the Bank said. | "Some lenders noted that changes introduced as a result of the Mortgage Market Review might reduce approval rates somewhat," the Bank said. |
| "In addition, some lenders suggested that a tightening in lending standards on large loans with high loan-to-income ratios may also push down their approval rate a little." | "In addition, some lenders suggested that a tightening in lending standards on large loans with high loan-to-income ratios may also push down their approval rate a little." |