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Home.co.uk

News: Mortgage Approvals up 5% MoM and 20% YoY

Tue, 27 Apr 10

The number of mortgages agreed by banks rose by 5% between February and March, according to latest British Bankers’ Association figures.

The figures show that there were 34,905 mortgages for house purchases agreed in March.

This is 20% higher than figures recorded in March 2009 but down on the last quarter of 2009, although the housing market was buoyed during this period by the ending of the stamp duty holiday for purchasers buying properties worth between £125,000 and £175,000.

The BBA figures show that gross mortgage lending in March was £8.7bn, which was less than the average for the previous six months.

David Dooks, the BBA's statistics director, added that the latest figures also reveal that homeowners are paying off their mortgages at a faster rate due to low interest rates.  

Last week the Council of Mortgage Lenders revealed that gross mortgage lending had risen sharply in March.

The CML said that £11.5bn worth of home loans were handed out in March. This is a 24% rise on February’s figures, but only 3% up on figures released in March last year.

 

By Joe Lepper

 

See also: Asking Price Index, House Prices and Trends by Town and Postcode, Mortgages, Life Insurance and Mortgage Protection Guide

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