Mortgage Approval Increase

More news from the UK property market from Dibben and Dibben as mortgage approvals have rose to an 18-month high as the UK housing market springs back to life. Data from the British Bankers Association (BAA) show 42,000 loans were taken out last month. The encouraging numbers fuel hope that banks are finally moving back to borrowing and that the fall in house prices are over.

Howard Archer, Chief Economist at forecasters IHS Global Insight, said: "Buyer interest has been lifted by the fall in house prices and reduced mortgage interest rates. This is gradually but steadily feeding through to lift housing market activity."

Until now first-time buyers have been frozen out of the market because banks demanded huge deposits and charged through the roof for home loans. And millions of people were refused mortgages because of minor blips in their credit history.

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