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Concerns over housing recovery

Jonathan Winston Jonathan Winston
2 min read

New Bank of England figures have led to concerns that the tentative housing recovery has stalled. The figures show that the number of mortgages approved did rise but at a lower rate than expected and net mortgage lending fell by 83%.

The rise in home loan lending was at just £300 million, down from £1.8 billion in February and was the lowest increase since July last year when the housing market began its recovery from the worst effects of the recession. The poor figures are partly explained by the end of the stamp duty holiday which led to many first-time buyers rushing to take advantage before the duty fell from £175,000 to £125,000. Economists also believe that the severe winter had an effect along with continuing uncertainty about the forthcoming general election.

In total mortgage approvals averaged just 47,886 during the first three months of 2010, following a total of 59,572 last November. Approvals for remortgaging rose to 27,880 opposed to a six-month average of 25,853 and approvals for other loans reached 25,484.

Howard Archer, economist at HIS Global Insight said: “The Bank of England mortgage approvals data do little to dilute the belief that the housing market is finding it difficult to regain momentum after flagging at the start of 2010. We expect house prices to be erratic over the coming months and they may very well be no better than flat over the rest of the year.”

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I can’t speak highly enough of Sidraa at Winston Solicitors for her exceptional support throughout my house purchase. From start to finish, she has been absolutely brilliant. Her prompt responses, attention to detail, and professionalism made a stressful process feel manageable and smooth. This is actually the second time I’ve used Winston Solicitors, and once again, they have been great. Consistent, reliable, and professional and Sidraa in particular truly went above and beyond. She was always kind, polite, and incredibly approachable, nothing ever felt like too much trouble. Even when dealing with a particularly difficult chain and the added pressure of a new stamp duty deadline, she worked tirelessly to get everything done on time. She responded to queries even out of hours, always called back when she said she would, and genuinely made me feel like a priority. What really stood out to me was her dedication — despite having preplanned annual leave for Eid, she still tried to keep things moving, which shows how committed she is to her clients. Her communication was clear and consistent, and she made a complex process feel a lot less daunting. I felt fully supported and in safe hands throughout. If you're looking for a solicitor who is professional, caring, and truly exceptional at what she does, Sidraa at Winston Solicitors is the one to go to. I’m incredibly grateful for everything she did and wouldn’t hesitate to work with her again or recommend her to others. - April 2025
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Leasa and Julie were fantastic at helping us buy and sell our house. They were punctual, and kept us up to date with what was going on. Their online platform was clear to follow. Leasa's email response time was rapid, this was incredibly valuable. - March 2025
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Superb service from a knowledgeable and professional team.The sale of my property was as far from straight forward as you could get, yet they handled everything perfectly. This made the process less stressful as i had the confidence in them to get it sorted!
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2nd time using Winstons. 1st time was for a purchase and 2nd time was for a Sale. Sidra and Tom kept me updated at each stage of the process. We're very prompt in their responses and completed both times in a timely manner. Would highly recommend for conveyancing services
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Professional, prompt and courteous service throughout the sale process. - March 2025
Ian M, Leeds
Leasa and Julie did a great job. They were very prompt to answer our questions (even more prompt that we expected). They informed us very clearly in each step. We are very happy with the service they provided. - March 2025
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Your service has fantastic and i honestly cant see room for improvement. Sidra razak has been absolutely so helpful and has made the whole process so easy.i would definitely recommend this firm to my family and friends.thank you - March 2025
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