Mortgage Approval Rate Highest for 6 Months
The Bank of England has released data showing that the number of mortgages being approved in Britain during February 2015 was the highest it had been in six months.
It was revealed that 61,760 mortgages were granted last month, which is a little over a thousand more than in January 2015 and the highest number since August 2014. Further to this, it was the third consecutive month in which approvals had gone up.
The chief UK economist from IHS Global Insight, Howard Archer, commented on this report: ìHousing market weakness has bottomed out, and activity is now gradually turning around.î
Despite this rise being relatively insignificant in size, other experts have argued that it illustrates the fact that the housing market reached rock bottom and is now improving at a steady and consistent rate.
However, they have also pointed out that the numbers for February are significantly less than the 75,453 mortgages that were approved in January of last year.
Moreover, the news comes just after Nationwide published the information that annual house price inflation had dropped to 5.1% in March, 0.6% down from what it was in February 2015.