The amount of mortgage approvals in Jan this year rose from around 38,000 to 39,230 which is a 4% rise on the previous month and according to the figures released by the Bank of England, the rise in mortgage approvals might continue going up.
The sum of all the mortgages approved by the banks in Jan came to £4.6 billion which is an increase on the previous month of £900 million, however, this is only a small amount compared to the estimated monthly average of £1.6 billion or even as large as the rise in approvals we saw in February of £1.5 billion, although, the total sum of money approved through mortgages in Jan, £4.6 billion, was well over the 6 month average.
There was also good news regarding the building societies, the overall amount of mortgages approved by building societies rose to £1,542m which is double the amount approved in February. (more…)