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Mortgage approvals increase 5%

The number of loan approvals for house purchase increased 5% to 60,518 in November, according to the latest figures from the Bank of England out today.

The value of the loans was £8.3bn, above the six-month average of £7.1bn.

Approvals for remortgaging also increased, up from 24,513 in October to 24,897 in November, with their value down from £3.2bn to £3.1bn, and below the £3.7bn six-month average.

Nicholas Leeming, commercial director of Zoopla.co.uk, says: “The first piece of good news for the year - the number of loans approved for house purchase has risen again. Increased activity is crucial for the revival of the property market and the health of the wider economy. The fact mortgage approvals continue to creep upwards is undoubtedly a positive sign."

He adds: “But, while 2009 ended on a happier note than it began, there’s still a huge distance to travel on the road to recovery. The banks have a central role to play in 2010: they must increase the mortgage funding on offer if they are to help boost transactions and, in turn, consumer confidence."

 

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