Property News

Tuesday, February 27, 2007

Mortgage market strong in Jan

A new report out by the British Bankers' Association on the mortgage market in January, said the number of approvals during the month dropped very slightly from just over 140,000 in the same month last year to 134,200. Indicating that higher borrowing costs appear to be having very little impact on the UK's housing market.

However, the BBA stressed that this January's total gives a slightly false impression because of the one-off removal of around 7,000 long-outstanding approvals. The total value of January's approvals was 13.1 billion, up from last year's equivalent of around 12.7 billion.

'January saw a continued stable demand for mortgages,' said David Dooks, the BBA's director of statistics. 'Actual borrowing on mortgages remains strong compared with this time last year, so the impact of higher interest rates has yet to feature,' he added.

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