Spring bounce as home-buyer mortgage approvals rise in March

Some experts said the increase in mortgage approvals for house purchase is a sign of the housing market being more resilient than previously thought.

The number of mortgage approvals being made to home-buyers bounced upwards in March, according to Bank of England figures (Chris Ison/PA) (PA Archive)

The number of mortgage approvals being made to home-buyers bounced upwards in March, according to Bank of England figures.

The Bank’s Money and Credit report said mortgage approvals for house purchases “rose significantly”, to 52,000 in March from 44,100 in February.

However, it said the latest total remains below the monthly average for 2022 of 62,700.