The number of mortgages approved
for home purchases rebounded in January after a seven-month
run of decreases, new figures from the Bank of England show.
A total of 74,000 new mortgages were approved for homebuyers
during the month, a rise on the 72,000 recorded in December.
But this is still almost 40% down year-on-year after 121,000
mortgages were granted in January 2007.
It comes as separate data from the Building Societies Association
revealed mortgage lending remained strong in the first month
of this year and reached £4.1bn.
This compares with the £3.67bn figure seen in December,
while net lending also rose to £1.26bn in January from
£1.06bn a month earlier.
Vicky Redwood, an economist from Capital Economics, said:
“January’s household borrowing figures suggest
that housing market activity has stabilised, at least temporarily.
“The number of mortgage approvals for new house purchase
remains around 40% lower than a year ago, but at least the
rise from 72,000 to 74,000 brought an end of the recent run
of falls.
“However, the previous drops have not yet had their
full impact on house prices.”
Copyright © PA Business 2008
http://www.buenoinvestments.com/uk_property_investment.php
(UK property)
http://www.bankofengland.co.uk/
(Bank of England)
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