RTTNews - The number of mortgages approved in the U.K. rose to 27,685 in April from 26,671 in March, the British Bankers' Association said Wednesday. However, approvals for April stood below the expected level of 28,000 and dropped 15.5% from the previous year.
David Dooks, BBA statistics director, said, The house purchase part of the mortgage market appears to have stabilized, with slightly more approvals coming through, although April's weak net mortgage lending reflects the lower number of approvals in previous months.
In April, both gross and net mortgage lending reflected weak approvals in recent months to reach the lowest monthly figures since March 2001. Gross mortgage lending totaled GBP 7.9 billion, down from GBP 8.7 billion in the previous month. At the same time, value of all mortgage loans approved stood at GBP 7.2 billion versus GBP 7.3 billion in March.
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