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Mortgage approvals increase by a third in March
Home buyer mortgages increased by almost a third in March, according to figures released by the Council of Mortgage Lenders (CML).
31,000 mortgages were completed in March - up 29% from February's 24,000 - and first-time buyers accounted for 40% of all loans in March, the highest percentage in four years.
However, the actual number of first-time buyers is at the lowest point since the CML began collecting data 35 years ago and has decreased 64% from two years previously.
"Housing market activity has passed its lowest point, but the improvement in activity will be relatively gradual," said HIS Global Insight economist Howard Archer.
Post Date: May 15th, 2009
31,000 mortgages were completed in March - up 29% from February's 24,000 - and first-time buyers accounted for 40% of all loans in March, the highest percentage in four years.
However, the actual number of first-time buyers is at the lowest point since the CML began collecting data 35 years ago and has decreased 64% from two years previously.
"Housing market activity has passed its lowest point, but the improvement in activity will be relatively gradual," said HIS Global Insight economist Howard Archer.
Post Date: May 15th, 2009
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