Number of mortgage approvals leaps to a 14-month high
The number of mortgage approvals made to home buyers jumped to a 14-month high in April, Bank of England figures show.
Some 68,076 mortgages for house purchase with a total value of £11.1bn got the green light in April, marking the highest number recorded since February 2014.
The latest figures in the Bank's Money and Credit report add to evidence that the housing market is starting to pick up after a quieter start to the year. Many mortgage lenders have slashed their loan rates to the lowest levels they have ever offered in recent months.
In the previous six months, the average number of mortgage approvals has been just over 60,000. The number of remortgage approvals is also picking up, as borrowers take advantage of cheap rates. Some 35,930 remortgage loans with a total value of £5.9bn were approved in April, compared with an average of just over 32,000 approvals for remortgaging being recorded over the previous six months.
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