The total number of mortgage approvals for March this year has risen by 4% on the previous month and reached 39,230, and according to new figures released by the Bank of England, the rise in mortgage approvals might carry on going up.
The total value of mortgages approved in March came to £4.6 billion, this is a £900m increase on the previous month, although this increase is not as large as the monthly average of £1.6 billion or even as large as the February increase of £1.5 billion, however, the overall sum of money that had been approved through mortgages in March, £4.6 billion which is well over the monthly average.
There was also some encouraging news from the building societies, the amount of mortgages that have been approved in March has risen to £1,542 million compared to the amount in February of £742 million.
Finally, there were also some figures released by the British Bankers Association about lending to small businesses. Their figures showed that lending to small businesses had risen by £271 million in March this year. However, the news releaased by the Treasury Committee say that small businesses are finding it even harder to borrow money that they need.
These figures may sound good, however, mortgage approvals is forward thinking, we should be more concerned with actual mortgage lending, which in March rose by £800 million, however, this is much less than anticipated, and a lot less than the monthly average.2 billion.
All these figures may be good news for the economy and housing market, there are still a range of concerns about house prices and how they could slump again, however, even if they didn't the economy is still in a delicate state of balance.
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