Over 35,000 mortgages approved in August
Written on 26 Sep, 2011 at 06:53 by Ulyana Chernyak
The number of mortgages approved in Great Britain in August 2011 hit the 15-month high, reported the British Bankers’ Association on Friday, September, 23rd.
As such, the number of approved mortgages stood at 35,226; this compares to 33,734 in July 2011 and to bankers’ expectations of just 33,250.
The average amount of mortgage Brits applied for stood at 145,000 pounds; this is 1,500 pounds, or 1% more than at the same time last year, say BBA experts.
In the opinion of specialists of the British Bankers’ Association, such an increase in mortgage approvals is due to improved activity on UK buy to let market.
Let us remind that in out earlier articles we reported that many UK and foreign investors said they plan to buy UK property in 2012 to expand their portfolios.
Commenting on the BBA findings, Mr Archer of HIS Global Insight, said: “Although mortgage approvals were at a 15-month high in August, there is currently little evidence that housing market activity is really shifting up a gear. Indeed, at 35,226 in August, mortgage approvals were only 62% of the average monthly level of 57,059 seen since 1997.”
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