Things are looking up.

Credit crunch turmoil starts to ease

Published:  07 December, 2009

LONDON: The tentative pick-up in planning applications has coincided with a modest recovery in mortgage approvals. The number of planning applications has also picked up in recent months from the low points reached at the start of the year. 

While housing market conditions are forecast to remain harsh during the second half of 2009, the rise in planning applications suggests that the initial turmoil from the credit crunch as the banks tightened their lending criteria has begun to ease, according to a forecast from Glenigan Construction Insight.

The value of underlying project starts during the second half of the year will be little changed on a year earlier. This compares with an anticipated 24% fall during the first six months this year, said the analyst.

While the number of planning applications in May was down by a third on a year ago, applications were also 32% above their February low point. There has been a marked improvement in applications for household and small private housing projects, said the report.

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