Jan Mortgage Approvals Rise 4%
The total amount of mortgage approvals in Jan rose to 39,230 which is a 4% growth on the previous month and according to figures released by the Bank of England, the rise in mortgage approvals might carry on going up.
The overall sum of mortgages approved in Jan this year came to £4.6 billion, this is a £900m increase on the previous month, although this increase is not as large as the monthly average of £1.6 billion or even as large as the rise in approvals we saw in February of £1.5 billion, however, the total amount of money that was approved in mortgages in Jan, £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 encourgaging news from the building societies, the overall amount of mortgages that had been approved in Jan rose to £1,542 million which is double the amount approved in the previous month.
And finally, the British Bankers Association has also released some figures, regarding lending rates to small businesses. Their figures showed how lending from banks to small businesses had risen by £271 million in Jan.This has had a knock on effect of reducing small business insurance premiums for many companies. However, the news releaased by the Treasury Committee say that small businesses are finding it even harder to borrow money that they need.
Although these figures may sound good, mortgage approvals in forward thinking and it’s mortgage lending that we should be looking at, the actual mortgage lending in Jan rose by £800 million which is not as much as anticipated 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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