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Economist sees "tentative" recovery for property market
The secured loan markets could soon begin to recover, according to a top economist.
Charles Davis at the Centre for Economics and Business Research (CEBR) said that latest industry data suggested an "improvement" in conditions.
The Bank of England released a report on lending in March earlier this week, showing a 19 per cent spike in mortgage approvals.
House price data from Nationwide also showed a 0.9 per cent rise in values for last month.
Mr Davis commented: "There are tentative signs of improvement… and that also comes at a time when we have seen some pick up in interest and enquiries in the housing market.
"The problem is that the fundamentals are still difficult with business failures rising, unemployment rising and earnings very weak, and those factors will continue to constrain the mortgage market."