Businessmen Service

Mortgage approvals ‘increase slightly’ The number of mortgage approvals rose slightly from April to May, but figures were still lower than the average over six months, the Bank of England (BoE) has said.

According to the figures, the number of mortgages approved increased from 45,447 in April to 45,940 in May.Remortgaging increased by around 2% to 20,491, while net mortgage lending also rose from April from £1 million to £1.1 million.But overall, the figures are still down on long-term averages. May’s mortgage approval figures are still lower than those in March.Howard Archer, Chief UK and European Economist at IHS Global Insight, suggested that the figures could reinforce fears of falling house prices in the near future.”It is notable that mortgage approvals in May were still below March’s level, given that they were likely held back to a limited extent in April by the extra bank holiday for the royal wedding and by the later Easter,” he pointed out.A YouGov poll on behalf of Precise Mortgages revealed this week that one-fifth of potential borrowers think there is not enough money available to secure them a mortgage.

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