Mortgage approval rise 'could signal market recovery'
Property professionals
3rd April 2009
The rise in mortgage approvals could be a sign that the UK housing market is starting to recover, it has been claimed.
Figures from the Bank of England showed that the number of loans for house purchases approved increased by 19 per cent in February.
Vicky Redwood, an economist at the economic research consultancy Capital Economics, said the statistics could signal an uplift in activity.
She did, however, caution that it is still too early to make any definite conclusions about the state of the market.
"It might also just be a demand thing - that households are feeling more confident about undertaking mortgages and that demand wasn't there before," she commented.
Recently, the Nationwide house price index showed that the average price of a property in the UK increased by 0.9 per cent last month, with house purchase activity reaching its highest level since May 2008.
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