Mortgage approvals 'on the increase'

Posted: 12 Dec 2011 16:46:49 GMT

Loans for home purchases rose considerably in November.

Mortgage approvals in the UK increased significantly in November, new research has shown.

Carried out by e.surv through its Mortgage Monitor, the study revealed loans for home purchases grew to their greatest number since December 2009 during the four-week period.

According to the findings, approvals jumped from 52,743 in October to 54,658 in November when considered from a seasonally-adjusted perspective.

This represented an increase of four per cent and was 15 per cent higher than that recorded in the corresponding month in 2010.

Richard Sexton, director of e.surv, which began life in 1987 as part of General Accident before the two separated in 1992, noted banks "pushed out more high-loan-value mortgages over the summer to try and increase their market share and we're beginning to see a greater uptake of these mortgages after an initial lag".

The industry figure added the market is currently demonstrating marked resilience despite the crisis currently engulfing the euro zone.
 

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