Mortgage approvals 'grew in August'

Posted: 29 Sep 2011 13:24:04 GMT

A number of mortgages were approved last month.

Data from the Building Societies Association (BSA) has revealed mortgage approvals and gross lending by mutuals continued to grow last month.

Statistics from August show there was a ten per cent rise compared with the previous month, marking a 16 per cent increase since August 2010.

Some £2.1 billion of mortgages were approved by mutuals last month, while there was a 16 per cent hike in lending for the first eight months of the year at a whole, bringing the total for this period to £14.6 billion.

Commenting, director-general Adrian Coles said: "Approval figures continue to look promising as consumers take advantage of the competitive mortgage rates currently offered by mutuals."

However, he warned a fresh deterioration in consumer confidence could spill into the housing market and cause further weakness.

Research from the BSA recently noted around 80 per cent of 18 to 24-year-old have said they are hopeful they will have bought their own home by the time they turn 30.
 

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