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Banks Announce 4% Rise in Mortgage Appovals
By Vic Hurlstorm | June 10, 2009
The amount of mortgage approvals in March this year has risen by 4% to 39,230 and according to the figures released by the Bank of England, the rise in mortgage approvals might continue going up.
The overall sum of mortgages approved in March this year came to £4.6 billion which is an increase on the previous month of £900 million, however, this is only a small amount compared to the estimated montly average of £1.6 billion, or even as large as the increase that was seen in February of £1.5 billion, however, the overall sum of money that had been approved through mortgages in March, £4.6 billion which was well over the estimated monthly average that was calculated using figures from the previous 6 months.
There was also some good news from the building societies, the overall amount of mortgages approved by them has risen to £1,542 million compared to the previous month’s approvals of £742 million.
And finally, the British Bankers Association has also released some figures, regarding lending rates to small businesses. They said that their figures showed that lending to small businesses rose by £271 million in March of this year. However, these figures do not match with the results that the Treasury Committee released saying how small businesses are finding it harder to borrow money from the banks.
Although these figures may sound good, mortgage lending is more important that mortgage approvals, the mortgage lending in March rose by £800 million which is not as much as expected and a lot less than the monthly average of £1.2 billion.
Although of the above figures are good news for the economy, there are still concerns that house prices could slump again and take us back to the beginning, however, even if they house prices continue to rise, the economy is still is a delicate state.
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