5 Mar

Mortgage approvals 'on the up'

Mortgage approvals 'on the up'

Mortgage approvals are at their highest level since 2007, according to new data from the Bank of England

The number of mortgage approvals in January reached 76,947, which is the largest level since November 2007 and may suggest estate and letting agents will see increased activity over the coming months.

A rise in approvals usually suggests sales will following shortly as people begin the process of buying a new property.

Ray Boulger of mortgage brokers John Charcol told BBC News: "Approvals have been going up quite strongly for the past year.

"I think gross mortgage lending in the first quarter of the year will be up considerably on last year, by at least 35 per cent, but for the rest of the year, the increase will be more modest."

He added house prices across the UK could rise by around eight per cent by the end of 2014.ADNFCR-1222-ID-801700588-ADNFCR

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