Mortgage approvals increase by a third in March 09

17th May 2009

Home buyer mortgages increased by almost a third in March, according to figures released by the Council of Mortgage Lenders (CML).

31,000 mortgages were completed in March - up 29% from February's 24,000 - and first-time buyers accounted for 40% of all loans in March, the highest percentage in four years.

However, the actual number of first-time buyers is at the lowest point since the CML began collecting data 35 years ago and has decreased 64% from two years previously.

"Housing market activity has passed its lowest point, but the improvement in activity will be relatively gradual," said HIS Global Insight economist Howard Archer.
 

Source: Newbusiness.co.uk www.newbusiness.co.uk/news/mortgage-approvals-increase-a-third-march