Mortgage Approvals Signaling Changes
Tuesday, March 24, 2009 14:59
As cheaper mortgage repayments have pushed down one measure of UK inflation, there comes a rise in mortgage approvals by the major banks for the third month in a row. The news has brought some cheer to the glooming property market.
The British Bankers’ Association announced that in February, there were 28179 mortgages approved for house purchases, which was up from the number of 24278 in January. However, the number was still 31% lower than the one of the previous year. According to BBA, the greater market share of mortgage lending by the major banks was a core reason for the growing approvals figure.
Most new mortgage lending is now being done by the High Street banks, but demand is being moderated by the influence of the market downturn.
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