BoE: Mortgage approvals up in February

| March 29, 2011 | 0 Comments
BoE: Mortgage approvals up in February

The Bank of England has today revealed mortgage approvals rose in February.

According to the Bank, there were 46,967 loans approved in the month, up from January’s 46,152.

The level of approvals was broadly in line with analysts forecasts of a level of 46,800.

In the meantime, the number of remortgaging loans approved totalled 35,725 in February - a 26-month high and up from January’s level of 33,972.

However, despite the improvement, the housing market is still expected to remain subdued throughout 2011 as demand for housing is expected to stay weak as a result of the uncertainty surrounding the economy and the Government’s massive spending cuts.

Last week, the British Bankers’ Association (BBA) revealed a slight rise in the number of new mortgages approved by the major banks in February.

According to the BBA, the number of new mortgages approved in the month stood at 29,923 – marginally better than January’s level of 29,159, albeit lower than economists forecast of 29,350.

In other news today, the Office for National Statistics (ONS) revealed the UK economy contracted by 0.5% in the October to December period – slightly better than the second estimate of 0.6% but unchanged from the first estimate.

Today’s estimate is the third and final reading and the GDP figure for the January to March period will be available next month.

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