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Banks Announce 4% Rise in Mortgage Appovals
By plrprousers | March 12, 2010
The amount of mortgage approvals in Jan this year rose from around 38,000 to 39,230 which is a 4% rise on the previous month and according to the figures released by the Bank of England, the rise in mortgage approvals might continue going up.
The overall sum of mortgages approved in Jan this year came to £4.6 billion, this is a £900m increase on the previous month, although this increase is not as large as the monthly average of £1.6 billion, or even as large as the increase that was seen in February of £1.5 billion, however, the total amount of money approved through mortgages in Jan, £4.6 billion, was well over the 6 month average.
There was also good news from the building societies, the amount of mortgages approved by building societies rose to £1,542 million, compared to the £742 million approved in February.
Finally, there have also been figures released by the British Bankers Association regarding lending rates to small businesses. They said that their figures showed that lending to small businesses had risen by £271 million in Jan.This has had a knock on effect of reducing small business insurance premiums for many companies. However, these figures do not match with the results that the Treasury Committee released saying how small businesses are finding it harder to borrow money from the banks.
These figures may sound good, however, mortgage approvals is forward thinking, we should be more concerned with actual mortgage lending, which in Jan rose by £800 million, however, this is much less than anticipated, and a lot less than the monthly average.2 billion.
Although all of the above figure releases are good news for the economy and the housing market, there are still concerns that house prices could slump again in the next few months, and even if they didn’t, the economy is still a very fragile area.
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