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Figures for March show a welcome increase
Mortgage approvals increased during March by 4% on February’s figure. A total figure of 39,2300 were approved for people purchasing a property in March, this was the highest figure for 10 months. In February the figure was an even steeper rise when approvals jumped to 18 per cent above the January figure.
The total amount borrowed was £11.5billion; the amount borrowed in February through building societies was £742 million.
The director general of the Building Societies Association said “Although this may suggest a very slight recovery in activity in the housing market over the next few months the environment nevertheless remains very challenging.”
Economists have said that all thought these figures were reassuring any real recovery is likely to be very gradual and sporadic due to rising unemployment and the continuing mortgage funding drought.
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