Mortgage approvals increase third month in a row
The British Bankers' Association (BBA) has announced that mortgage approvals have increased a third month in a row.
Altogether 28,179 mortgages were approved in February 2009 which increased from 24,278 in January 2009. Even though this slight increase in mortgage approvals, the figure from February 2008 was 31% lower.
The reason for the increase has to come down to cheap monthly mortgage repayments that have decreased one measure of UK inflation and also greater market share of mortgage lending by banks.
David Dooks, BBA statistics Director commented: "Most new mortgage lending is being done by the High Street banks, but demand is, of course, being moderated by the impacts of the recession."
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