Wednesday, April 26, 2006
Category:
Finance News
Mortgage approvals increased by over a quarter in February, statistics from the British Bankers' Association (BBA) have shown.
Close to 58,000 mortgages were approved during February, reflecting a 22 per cent year-on-year increase in what is typically the lowest month of the year, according to the figures released on March 27th 2006.
Despite impressive advances on last year's figures, the BBA is reluctant to predict continued growth during 2006.
"The comparative weakness of the mortgage market in the first half of last year means that current indicators of activity - such as gross lending and approvals - are much stronger than they were twelve months earlier when the housing market was somewhat subdued," said David Dooks, the BBA's director of statistics.
This report attributes the rises to increased demand, which it predicts is unlikely to lessen during the coming months.
