Banks report housing market boost and predict increase in first-time buyers
There was a faint whiff of possible good news for homeowners in the latest mortgage statistics published on today. Mortgage approvals climbed slightly in March, suggesting government moves to bolster the property market may be beginning to be successful.
Some 31,227 home loans worth £4.8bn were approved in the month, according to the British Bankers' Association, up from a seven-month low of 30,579 in February.
The BBA said the February slump was because of a seasonal winter slowdown, but it was cautious about signalling a recovery. The bankers warned that households and firms are still generally reluctant to borrow money due to wider uncertainty about the tough economy.
In fact net mortgage borrowing in March fell 0.1 per cent over the year while approvals were down 1.2 per cent compared to March 2012.
The BBA said the Government's Funding for Lending Scheme - launched last August - has helped increased the availability of mortgages. In particular there have been more deals aimed at first-time buyers, which should get the property market moving.
BBA statistics director, David Dooks said: “The prospect of more first-time buyers entering the market during 2013 is likely to help mortgage chains.”
Apple agrees deal with Visa on contactless payments
- 1 Is Apple's iCloud safe after leak of Jennifer Lawrence and other celebrities' nude photos?
- 2 Joan Rivers: 'Palestinians deserve to be dead'
- 3 Perez Hilton apologises for Jennifer Lawrence naked photo leak
- 4 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 5 Mexican woman becomes world’s 'oldest person' at 127
iPhone 6 'hidden code' could indicate sharper screens or bigger phones
Perez Hilton apologises for Jennifer Lawrence naked photo leak
Ariana Grande nude photo leak: 'These are completely fake'
A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
London 'terror threat': Metropolitan police deny tube attack hoax
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Do you realise just how foolish the UK looks?
With Douglas Carswell joining Ukip, my party has taken another giant step forward
iJobs Money & Business
£40000 - £50000 per annum: Harrington Starr: You will not be expected to hav...
£500 per day: Harrington Starr: SQL DBA/Developer SQL, C#, VBA, Data Warehousi...
£650 per day: Harrington Starr: .NET Developer C#, Win Forms, WPF, WCF, MVVM,...
£350 - £375 per day: Harrington Starr: Looking for a Java/C++ Developer to wor...