Mortgage approvals tipped to rise

Mortgage approvals in the UK will rise further, the Council of Mortgage Lenders (CML) has forecasted.

Head of member and external relations at the CML Sue Anderson remarked: "We think next month it is very likely that approvals will show their first year-on-year rise on a monthly basis since early 2007."

However, it should be noted that the historical level of lending is low and the continuing recession will limit any recovery, she cautioned.

Ms Anderson was commenting after Bank of England data revealed that there were 43,000 mortgages approved in May - up from 40,000 in April.

British Bankers' Association figures showed last week that there was a 3.8 per cent rise in home loans agreed between March and April.

However, the April figure was still 15.5 per cent down on a year earlier.

Published on: June 3, 2009

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