BoE: Mortgage approvals pick up in November

| January 4, 2011 | 0 Comments
BoE: Mortgage approvals pick up in November

The Bank of England has today revealed mortgage approvals picked up in November - surprising analysts.

According to the Bank, there were 48,019 loans approved in the month, up from October’s 47,315 approvals.

Not only did this represent the highest level since July, it confounded expectations of a level of 47,000.

Meanwhile, approvals for remortgaging stood at 34,262 - up by almost 4,000 on October.

However, despite the positive figure, experts have suggested that the housing market will remain subdued this year, due to uncertainty surrounding the economy and the ongoing mortgage rationing by lenders.

Over recent times, demand for housing has been weak as many buyers have adopted a “wait and see” approach as uncertainty continues to surround the economy and the spending cuts make prospective buyers cautious.

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