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Mortgage approvals continue to inch upwards in the UK as borrowers move to take advantage of record low interest rates and record low house prices.
In value terms, mortgage approvals increased by £5 billion (A$10.1 billion) in April, the Bank of England said yesterday.
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This followed an increase of £4.7 billion (A$9.5 billion) in March, and was up on the previous six month average of £4 billion (A$8.1 billion).
In terms of volumes, the number of loans approved rose to 43,201, compared to 40,038 in March.
Paul Samter, an economist with the Council of Mortgage Lenders said looking forward May approvals might even be higher than the same time a year ago – the first year-on-year increase since early 2007. Prospects for further improvement were however limited he added.
“…Activity remains at extremely low levels on any historic comparison – and weaker than at any point in the early 1990s. Limited lending capacity and the impact of further job losses are likely to act as a ceiling for how far the improvement can continue, although there could be further modest rises in the coming months."
