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UK mortgage approvals increase

UK mortgage approvals increase

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The UK housing market is edging closer to recovery with strong November mortgage approvals registered.

The latest figures from the British Bankers' Association (BBA) show that mortgage approvals across the UK continue to rise.

There were 44,713 approvals in November – an increase of over 2,000 compared to October and double the number of mortgages approved at the same time in 2008.

The value of mortgage lending rose to £3.3bn – a big increase in the average of £2.7bn over the previous six months.

"In the housing sector, prices have continued to edge up and approvals for house purchase are now back at a similar level to that of two years ago,” said BBA statistics director, David Dooks.

“Re-mortgaging activity continues to run at a low level as borrowers revert to low standard variable rates or trackers from maturing fixed rate loans.”

UK mortgage approvals increase
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