UK mortgage approvals up in January

Posted on February 24, 2009 by peter 
Filed under UK Mortgage and Finance News · Tagged:

The number of mortgage approvals in the UK made by banks rose slightly in January, industry figures have shown.

Mortgage approval levels hit 23,376 last month, up 4% from 22,416 in December, the British Bankers’ Association (BBA) said.

However, the number of approvals in January was still 43% lower than the same month a year earlier.

The total net value of mortgage lending last month was £2.9bn, down from £3.3bn in December.

The latest figures from the BBA come after a number of reports have indicated the extent of the housing downturn.

Last week, the Council of Mortgage Lenders said the number of UK homes repossessed in 2008 rose by 54% to 40,000.

Meanwhile the Land Registry – widely seen as the most authoritative guide to the market – said house prices in England and Wales fell by 13.5% in 2008.

Prices also continued to fall in January according to both the Royal Institution of Chartered Surveyors (Rics) and the Nationwide, although the Halifax said property values rose slightly in January.