Stockport’s Vernon Building Society are reporting a huge increase as they approved 48% more mortgages in May by value when compared to the same period last year, coinciding with the release of the British Bankers’ Association’s monthly report which revealed a 14-month high in UK mortgage approvals.
Ian Keeling, Head of Sales & Marketing at the Vernon, said:
“Property demand remains strong both at a national and local level, supported by a strengthening economy, positive net migration and a recovery in real wages.
“Stockport house prices have risen by 5.6% in the year leading up to May 2015, compared to an average rise of 3.4% across the North West. Current investment in quality of life initiatives and employment space will see Stockport become increasingly desirable from both a commercial and residential perspective”.
A study commissioned by the International Festival for Business has found that Manchester will experience faster employment growth than Paris, Berlin and Tokyo over the next five years.
“As property demand in the area is set to increase, sufficient housing supply is required to ensure that property ownership remains achievable for the many, not the few” said Ian.
The Vernon has qualified mortgage advisers available at each of their six branches and offers a comprehensive range of mortgage solutions to first-time buyers and existing homeowners.