• From The BBC:

    The number of mortgages approved by the major banks in August was up 81% from the same month a year ago when the housing market was in a slump.The British Bankers’ Association (BBA) said the annual rise was exaggerated by the low lending levels of a year ago. Approvals for house purchases in August dipped slightly compared with July after seven months of month-on-month rises, the figures show. The BBA said major banks had been more active than other lenders recently. However, the number of homes being put up for sale was low. Consumers cautiousThere were 38,095 mortgages approved for house purchases in August by the major banks, compared with 21,001 in August last year.
    A year ago the mortgage market was at an “all-time low”, according to David Dooks, the BBA’s statistics director. However, the figure actually fell even further in November to 18,330. He said that the annual change was “difficult to understand”, but was an “exaggeration” as a result of the combination of the low number…

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    Posted by Jon @ 11:26 am

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