Mortgage approvals rising
Mortgage approvals rose for home buyers in the UK during April for the third month in a row reports The Bank of England.
Mortgage lenders approved 43,201 new loans to borrowers; approvals for home buyers indicate a positive short-term trend in the market place.
Philip Shaw from Investec commented: "Although it is an upward grind rather than a jump, at least it is a steady upward grind, and it's consistent with a steady recovery in housing market activity."
Moneyfacts.co.uk also reports that lenders are still rationing their cash flow for new borrowers with over 1,623 mortgage deals currently on offer and the majority require a large deposit of at least 25 per cent.
The BSA indicated that people were paying off their debts rather than trying to save money. A major reason for the reluctance of some people to save may be the low appealing rates available on different savings accounts.
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