There has been an increase in the number of home purchase loans approved by business banks in October, almost double that of a year ago, a survey showed on Tuesday.
The British Bankers’ Association said 42,238 first time buyer mortgage applications were approved last month. Which was higher than the 42,073 loans approved in September and 97.7 percent up from last year when activity ground to a halt at the height of the financial crisis.
Net mortgage lending rose by 3.1 billion pounds in October, the same as in September.
The figures chime with other surveys showing record low interest rates have helped stabilise the housing market and create new investments and opportunities after sharp price declines last year.
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