Homeowners say getting a mortgage is becoming harder

But latest Bank of England figures show mortgage market is 'back on the climb'

UK homeowners remain very confident that property values will continue to rise this year, but are concerned about mortgage availability, says a new report.

The figures from Zoopla come as the Bank of England releases statistics showing that the number of people taking out mortgages is going up again, with 67,196 mortgage approvals in June, compared to 62,007 in May.

Zoopla's survey of 7,810 homeowners shows that 92 per cent expect UK property prices to increase over the next six months. The average prediction for house price growth over the rest of the year is 7.6 per cent.

But there are concerns that the introduction of the Mortgage Market Review (MMR) and new lending rules have slowed down the mortgage application process and made securing finance more difficult.

Around 40 per cent of those surveyed say  that securing a mortgage is now harder than it was three months ago. 

Commenting on the Bank of England report, Peter Williams, Executive Director of the Intermediary Mortgage Lenders Association, said it showed that the mortgage market is 'back on the climb'.

"Following the momentary blip brought on by changing regulations both the number and value of approvals have seen significant rises in the past month," he said. "But such growth is no cause for alarm and certainly not a cause for further intervention to curb lending, particularly given that the latest signs point towards a calming of house price growth.

"This upswing is a further sign that in spite of increasingly stringent criteria, lenders are still eager to lend to worthy applicants. However, borrowers must also start to prepare for a rise in pricing, with a higher base rate firmly on the cards and with politicians still in the very earliest stages of tackling the systemic shortage of homes."

Richard Sexton, director of e.surv chartered surveyors, said the log-jam in the mortgage market is beginning to clear.

"Lending slowed slightly after MMR was introduced, as banks adjusted to lengthier advisory sessions and longer processing times," he said. "The recent lending pick-up shows this period of transition is smoothing, and the backlog of applications caught in the system starting to reduce.

"Many aspiring homeowners are still longing after their own slice of the property market. Demand is still high among first-time buyers in particular, and high loan-to-value lending hit a post crisis peak in June. More borrowers are being forced to take out proportionally larger loans, while wage growth remains sluggish and house prices continue to rise."

Discover more property articles at Homes and Property
PROMOTED VIDEO
Property search
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Recruitment Genius: Account Manager

£20000 - £35000 per annum: Recruitment Genius: This full service social media ...

Recruitment Genius: Data Analyst - Online Marketing

£24000 - £35000 per annum: Recruitment Genius: We are 'Changemakers in retail'...

Austen Lloyd: Senior Residential Conveyancer

Very Competitive: Austen Lloyd: Senior Conveyancer - South West We are see...

Austen Lloyd: Residential / Commercial Property Solicitor

Excellent Salary: Austen Lloyd: DORSET MARKET TOWN - SENIOR PROPERTY SOLICITOR...

Day In a Page

Isis in Iraq: Yazidi girls killing themselves to escape rape and imprisonment by militants

'Jilan killed herself in the bathroom. She cut her wrists and hanged herself'

Yazidi girls killing themselves to escape rape and imprisonment
Ed Balls interview: 'If I think about the deficit when I'm playing the piano, it all goes wrong'

Ed Balls interview

'If I think about the deficit when I'm playing the piano, it all goes wrong'
He's behind you, dude!

US stars in UK panto

From David Hasselhoff to Jerry Hall
Grace Dent's Christmas Quiz: What are you – a festive curmudgeon or top of the tree?

Grace Dent's Christmas Quiz

What are you – a festive curmudgeon or top of the tree?
Nasa planning to build cloud cities in airships above Venus

Nasa planning to build cloud cities in airships above Venus

Planet’s surface is inhospitable to humans but 30 miles above it is almost perfect
Surrounded by high-rise flats is a little house filled with Lebanon’s history - clocks, rifles, frogmen’s uniforms and colonial helmets

Clocks, rifles, swords, frogmen’s uniforms

Surrounded by high-rise flats is a little house filled with Lebanon’s history
Return to Gaza: Four months on, the wounds left by Israel's bombardment have not yet healed

Four months after the bombardment, Gaza’s wounds are yet to heal

Kim Sengupta is reunited with a man whose plight mirrors the suffering of the Palestinian people
Gastric surgery: Is it really the answer to the UK's obesity epidemic?

Is gastric surgery really the answer to the UK's obesity epidemic?

Critics argue that it’s crazy to operate on healthy people just to stop them eating
Homeless Veterans appeal: Christmas charity auction Part 2 - now LIVE

Homeless Veterans appeal: Christmas charity auction

Bid on original art, or trips of a lifetime to Africa or the 'Corrie' set, and help Homeless Veterans
Pantomime rings the changes to welcome autistic theatre-goers

Autism-friendly theatre

Pantomime leads the pack in quest to welcome all
The week Hollywood got scared and had to grow up a bit

The week Hollywood got scared and had to grow up a bit

Sony suffered a chorus of disapproval after it withdrew 'The Interview', but it's not too late for it to take a stand, says Joan Smith
From Widow Twankey to Mother Goose, how do the men who play panto dames get themselves ready for the performance of a lifetime?

Panto dames: before and after

From Widow Twankey to Mother Goose, how do the men who play panto dames get themselves ready for the performance of a lifetime?
Thirties murder mystery novel is surprise runaway Christmas hit

Thirties murder mystery novel is surprise runaway Christmas hit

Booksellers say readers are turning away from dark modern thrillers and back to the golden age of crime writing
Anne-Marie Huby: 'Charities deserve the best,' says founder of JustGiving

Anne-Marie Huby: 'Charities deserve the best'

Ten million of us have used the JustGiving website to donate to good causes. Its co-founder says that being dynamic is as important as being kind
The botanist who hunts for giant trees at Kew Gardens

The man who hunts giants

A Kew Gardens botanist has found 25 new large tree species - and he's sure there are more out there