BoE: Mortgage approvals up in March

| April 21, 2011 | 0 Comments
BoE: Mortgage approvals up in March

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

According to the Bank, there were 44,000 loans approved in the month, up from February’s 43,000.

However, the figure remains well below the 51,000 approved in the same month a year ago.

The figures come a day after the Council of Mortgage Lenders (CML) revealed mortgage lending for March was 2% lower in March on an annual basis.

However, on a monthly basis, gross lending rose 21% to £11.3 billion, compared with £9.3 billion in February.

The CML was optimistic about the figures amid the traditional strong spring selling season and said: “The housing market has emerged hesitantly from hibernation.”

Many experts have suggested the housing market will remain subdued this year, particularly in light of the Government’s spending cuts and the ongoing lack of mortgage availability.

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