10% rise in mortgage approvals
27 October 2008
The number of mortgage approvals was up 10% last month – but down almost 57% on last September’s figures.
As the BBA (British Bankers’ Association) reports, the UK’s biggest banks approved 23,422 mortgages for house purchase in September. In August, the number was 21,342.
The monthly rise indicates “that opportunist buyers are still on the look out for bargains”, said Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors (RICS).
He added, however, that “as the country teeters on the brink of recession and the employment picture deteriorates, mortgage lending is unlikely to see a recovery in the near term.”
A spokesperson for Think Money said “House prices are continuing to fall, the mortgage market has a range of issues to address and the economy as a whole is facing an uncertain future.
“In today’s economic climate, some people will be surprised to hear about any increase in mortgage approvals. 10% isn’t a big increase, but at the end of the day, anyone looking for a mortgage will probably think it’s better than no increase.”
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