11 Feb

'Slight rise' in approvals seen

'Slight rise' in approvals seen

The number of mortgage approvals in January rose by three per cent, according to new figures released by Connells.

In total, approvals in the month increased from 73,000 to 75,300, it stated, the first rise in such figures since May last year.

However, figures have not been this "weak" in the history of Bank of England records, Connells noted, as the yearly decline in approvals is 38 per cent.

Managing director of Connells Survey & Valuation Ross Bowen remarked that the situation could be about to improve, although it is difficult to tell from of a singular month's figures.

"This modest increase in house prices reflects the slight improvement in mortgage demand. It is likely we will see monthly rises and falls in prices in the first half of the year. The further interest rate cuts expected will be needed to restore confidence across the entire housing market," he commented.

Data from the Council of Mortgage Lenders recently revealed that there were ten per cent fewer repossessions than expected during 2007.ADNFCR-1222-ID-18463020-ADNFCR

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