Data released from the Bank of England(BoE) shows that the number of mortgage approvals for April grew for the third successive month, reaching 43,201, an increase on the March figure of 40,038 and better than analysts’ forecasts of 41,000.
However the figure is well down compared to April 2008 when approvals stood at over 55,000 in a contracting market, leading experts to believe that the housing market crash has still further to go yet.
Mortgage approvals in the boom years ran at around 75,000 per month and while no-one would expect that level of activity at this time it does provide a benchmark to guage the current progress.
The BoE figures do however suggest that consumers are once again venturing into the property market with some confidence and that UK banks are at last loosening the purse strings and following government initiatives. None the less the housing market is still subdued and property prices remain unstable at the present time.
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