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Properties sold and mortgages approved increase in March

The number of properties sold and the amount of mortgages approved in the UK both increased in March, according to official figures.

There were 60,000 homes sold in March compared to just over 40,000 in the previous month - an increase of 40% - according to figures released by HM Revenue & Customs.

The housing market is a good barometer of the health of the economy, and there were further signs that this sector is picking up with an increase in mortgage approvals.

Mortgage approvals rose in March with gross lending standing at £11.5bn, up 16% from February, according to figures from the Council of Mortgage Lenders.

"House price activity is beginning to pick up to a limited extent in response to the substantial fall in house prices from their 2007 peak levels and markedly reduced mortgage rates," said Howard Archer, chief economist at IHS Global Insight.

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Post Date: April 23rd, 2009