Mutuals approving more mortgages

There was good news for those considering DIY house selling in March, as the latest figures show that mortgage approval rates were higher than the previous month.

A year-on-year increase was also seen, the Building Societies Association (BSA) revealed, with approval statistics 29 per cent higher than in March 2010.

Adrian Coles, director-general of the BSA, explained that there are still elements of financial uncertainty influencing people’s decisions to buy property.

"These are increases from very low levels, and compared to previous times activity in the mortgage market remains subdued," he commented.

Earlier this week, Lloyds TSB reported that 32 per cent of Brits believe interest rates will rise this summer, with almost 18 per cent expecting to see an increase in July.

An additional 19 per cent anticipate that the base rate rise will not come into force until October, while the remainder think it will be higher sometime before the start of 2012.

Published on: May 4, 2011

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