February sees little change in mortgage approvals
Published: 04-Apr-2008
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Mortgage lending remained fairly static in February, it has been revealed.
According to the latest mortgage approval data published by the Bank of England, 73,000 loans were approved for house purchase in that month.
This represents a decrease on the figure from January.
It was also revealed that the number of remortgages decreased between the two months, falling to 111,000 in February.
Commenting on the data, Simon Rubinsohn, chief economist for the Royal Institution of Chartered Surveyors (Rics), said: "Mortgage approvals remained little changed in February at 73,000.
"This is more than 40 per cent down from the highs seen in November 2006 and 25 per cent lower than in September last year.
"The likelihood is that the level of activity in the housing market will slip further over the coming months as mortgage lenders either (temporarily) close theirdoors to new borrowers or lift interest rates."
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