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Housing market on the up?

publication date: Jul 22, 2009
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Mortgage approvals in June were the highest for 15 months says the British Bankers Association (BBA). They report that 35,235 loans were approved in June, compared to 31,919 in May and 65% higher than in June 2008.

RICS Chief Economist Simon Rubinsohn said:
"The increase in mortgage approvals for June, over 35,000 mortgages were approved for the purchase of homes - the highest monthly figure since March last year, follows the positive lead provided by the RICS 'new buyers enquiries' series which is continuing to show growing levels of interest in the housing market. Indeed, the reading on this indicator in the June survey was sufficiently strong to suggest that mortgage approval activity will rise further over the coming months. 

"That said, it is important to recall that the absolute level of mortgages being sanctioned is still low by historic standards and consistent with a relatively fragile housing market.”