As per the new figures, mortgage lending in the UK augmented by 1 billion pounds in November reflecting the level of confidence that the property market of the UK has got in the last few months. The report, which came in from the Bank of England gave indications that after the repayments, individuals borrowed an aggregate of 9.6 billion pounds during the month.  Meanwhile, 8.7 billion pounds of the total borrowing figure was secured on property that represents an increase on the corresponding figures from November 2004.  This was the biggest monthly increase since  2004, with this one and a half year record establishing the consensus that 2006 will be strong year for property investment in Britain.

It is said by the RICS (Royal Institute of Chartered Surveyors) that the statistics show a level of mortgage approvals are more than the modal in the last 10 years. It was also observed that an increase in approvals hasn’t been matched since December 1982.  The RICS suggested that there isn’t a theory for the trend to be stopped in the future. This is so because 2006 is most probably to see mortgage approvals rising. The RICS said that as the rate of interest is to fall in a few months time, they’re expecting the conditions of the firm market to be maintained.

The RICS added that the approvals for mortgages is more likely to hit 1.33 million in the year 2006.  The RICS in its November housing market survey gave good news to property investors in Britain, as the number of probable buyers making enquiries rose for the sixth month.  The RICS also said that robust employment conditions were instrumental in maintaining housing demand in spite of the slowing down of  economic climate. The RICS judgement of a cooling in conditions seems to undersell the present situation.