26 Jan

Mortgage approvals rise

Mortgage approvals rise

The number of approved mortgage applications rose in December, the British Bankers' Association (BBA) has revealed.

According to the body's latest statistics, the number of mortgages approved for house purchase was over 22,000 - nearly 5,000 above the level of the previous month - while an increase was also seen in the number of loans granted for remortgaging purposes.

However, gross mortgage lending was found to have dropped from £10.7 billion to £10 billion, which could suggest that those buying homes are taking advantage of lower prices.

Commenting on the findings, statistics director at the BBA David Dooks noted that lending has become "much more concentrated" over the last year, as the main high street banks are seeing a greater share of the market.

The National Association of Estate Agents recently revealed that both buyers and sellers had reported an increase in activity towards the end of December and in January.

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