According to the British Bankers Association, the mortgage market is picking up compared to 2005.
There were 166,526 mortgage approvals for all purposes in February, with a total value of £15.8 billion. The number of approvals was 19% higher than in January, and 5% higher than in February 2005. The average approval for house purchase rose in February to £132,000. Compared to the same month a year earlier, February's approvals of house purchase loans were 22% higher by number and 31% higher by value.
Remortgaging loans were 5% higher by number and 16% higher by value.
Our view
The economy appears steady, interest rates are steady, confidence returns, demand goes up and back we go on the property increase cycle.
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