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Mortgage approvals up

Mortgage approvals up

Category: Mortgages

Updated: 27/01/2010
First Published: 01/05/2009

MONEYFACTS ARCHIVE
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Figures from the Building Societies Association (BSA) have revealed that mortgage approvals more than doubled in March compared to February.
mortgage lending was approved last month, compared to £742 million the month previously.

"As might be expected at this time of year, mortgage approvals in March rose sharply," said Adrian Coles, director general of the BSA. "Even adjusting for seasonal influences, this is the highest figure since November."

However, he went on to add that despite the encouraging figures, the housing market remains very challenging – approvals are down £1,351 compared to March 2008.

Building societies also experienced a small net withdrawal of £196 million from savings accounts in March, although interest credited balances rose by £2,140 million.

"The Base Rate was reduced to 0.5 per cent at the beginning of March, and the figures show the impact of low interest rates and economic conditions on people's ability and willingness to save," Mr Coles observed.

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