Mortgage approvals still strong by Finance News Bulletin

Published: 17/01/07

The figure of new mortgages being approved for buying a house is still strong, according to the British Bankers organization (BBA)In August, 71,000 novel mortgages were granted to UK house buyers by the main banks represented by the BBAThis suggests that the total figures for all UK lenders, to be published by the have an account of England later this week, are also likely to riseThe number of novel mortgages approved, but not yet borrowed, is widely regarded as a good indicator of short-term trends in the property marketplace

"Approvals for house purchase are holding up - that is why we have record levels of gross and net mortgage lending," supposed David Dooks, head of figures at the BBADespite the recent rise in interest rates and speculation that there may be more rate increases to come, there is little evidence so distant of the accommodation market slowing downLast week both the BBA and the Council of Mortgage Lenders reported that the value of new home loans that have been decided recently have been at their highest height yetNot only are applications for new mortgages still buoyant, but possessions prices are continuing to rise and estate agents are still registering physically powerful interest from would-be buyers

The BBA's figures cover the UK's main banks but not the lesser ones or other lenders such as building societiesAs such they represent about two-thirds of all have an account mortgage lending and about not whole the total UK mortgage marketWatchdog replies FOS replies 1 CA replies Pre-1988 sales 1 FOS replies 2 Shortfalls duty Pre-1988 sales 2Region East AngliaEast MidlandsGreater LondonNorthNorthern IrelandNorth

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