2 Jun

May sees more mortgage approvals made

May sees more mortgage approvals made

More mortgages approvals for home purchases were made in May, compared to the previous month, according to the Bank of England (BoE).

The Bank released figures today showing that there were 43,200 home loan deals granted during the course of the month.

This five-figure sum was up 57 per cent on the approval level recorded in November 2008.

A statement from the Royal Institution of Chartered Surveyors (RICS), in response to the BoE's findings, noted that the number of home loans is also up year-on-year from the 39,000 granted just over 12 months ago.

News of higher mortgage approval figures comes days after Nationwide Building Society revealed the average house price in the UK reached £154,016 in May.

This was 1.2 per cent higher than the previous month and was the second time since March that a monthly rise in property values has been recorded.

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