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Mortgage approvals increased in March
There were more mortgage approvals made in March than the six-month average, figures from the Bank of England show.
It reported this week that there were 47,557 mortgage approvals in March, compared to 46,708 in February. It is also higher than the six-month average of 46,283, symbolising slow but steady growth.
However, Ed Stansfield, chief property economist at Capital Economics, said the figures are not too compelling.
"Mortgage approvals dropped off at the end of last year and have subsequently recovered that dip, but they are at exceptionally low levels," he explained.
And there is little change forecast for the year ahead as lenders remain under regulatory pressure.
Mr Stansfield commented: "It is difficult for the lenders to raise the same amount of funding and, where they are raising new funding, it is definitely coming in more expensive than the sums that they have currently got.
"The outlook for the mortgage market freeing up in the short-term is of a very low probability."
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It reported this week that there were 47,557 mortgage approvals in March, compared to 46,708 in February. It is also higher than the six-month average of 46,283, symbolising slow but steady growth.
However, Ed Stansfield, chief property economist at Capital Economics, said the figures are not too compelling.
"Mortgage approvals dropped off at the end of last year and have subsequently recovered that dip, but they are at exceptionally low levels," he explained.
And there is little change forecast for the year ahead as lenders remain under regulatory pressure.
Mr Stansfield commented: "It is difficult for the lenders to raise the same amount of funding and, where they are raising new funding, it is definitely coming in more expensive than the sums that they have currently got.
"The outlook for the mortgage market freeing up in the short-term is of a very low probability."
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Published: 06/05/2011
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.