UK property market faces ‘long road to recovery’

Around 50,000 mortgages were approved to those buying a new home in September, unchanged from the previous month and 2 per cent lower than a year earlier, according to the Council of Mortgage Lenders. A total of 29,000 people switched home loans in September, an increase of 4,000 loans and the highest level since March. Remortgaging accounted for 29 per cent of all advances during the month, the first time proportionate increase since May.