Banks Approve More Mortgages

As reported widely in the UK National press this week more good news for the UK housing market- mortgage approvals by the major high street banks increased to a 15-month high in June, according to the British Bankers' Association (BBA). Around 35,235 mortgages were approved for house purchases in June 2009 , up from around 31,919 the previous month, the BBA said. The figures reflected the banks' increased ability to lend and was 65% up on the same month a year earlier.

The increase in mortgage approvals raises hopes that there will be subsequent rise in activity in the property market. The average value of a mortgage being approved by the major banks stood at £136,400, nearly 11% lower than a year earlier - reflecting falls in house prices. Gross mortgage lending rose slightly, the first increase since April 2008. The number of approvals for remortgaging rose slightly in June, compared with May, to 28,133, but this was down 52% on a year earlier.

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