Mortgage approvals double in October
The number of mortgage approvals in the UK jumped by 98% last month according to the British Bankers’ Association (BBA) have reported. There were over 42,000 approvals during October 2009 which is almost double that of the same time in 2008. The amount of mortgage debt rose by £3.1 billion. November 2008 saw the lowest ebb of approvals at just over 18,000. As you might expect government figures and the Bank Of England are making the most of these figures as proof of their safe hands for recession Britain.
As you can see by logging into House Price Spy the price rise continues in England, Scotland and Wales for the sixth month in a row, although it should be said that the rate of rise is getting shallower and this is of course based on a record low in number of sales making the recovery fragile.
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