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BoE confirms rise in mortgage approvals

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by Gill Montia
BoE confirms rise in mortgage approvals

The Bank of England has reported that mortgage approvals for house purchases rose slightly during September, to 33,000, compared to 32,000 a month earlier.

The increase is the first recorded by the Bank since June 2007.

While mortgage lending for new purchases was still below the six month average (£3.5 billion), it gained ground on August, at £2.2 billion.

The August figures were some of the lowest on record, possibly because buyers were waiting for the Government’s suspension of stamp duty for purchases of £175,000 and below to take effect, in September.

The number of people remortgaging their homes also rose slightly in September.

The Bank of England figures compare with recent data from the British Bankers’ Association (BBA), which also recorded a slight rise in the number of mortgages approved for house purchases, during September.

According to the seasonally adjusted data 23,422 loans were sanctioned by Britain’s banks and building societies, 10% more than in August but 57% fewer than in September 2007.

Last month’s remortgage approvals by BBA members were also up slightly on August, at 51,523.

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News posted: October 29, 2008

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