The number of loans granted for house purchase rose to 42,238, up by 97.7 per cent on the same month last year and a 21-month high. The figure rose 4 per cent from September, when 42,073 were approved.
Net mortgage lending in October rose by £3.1 billion, the same amount as in September.
The figures come after other surveys showing that record low interest rates have helped to stabilise Britain’s housing market. However, some analysts remain sceptical that any upturn is sustainable.
Also last month, the Royal Institute of Chartered Surveyors (RICS) reported that house prices in England and Wales had risen at their fastest rate since the slump started.
The new BBA figures showed that the total value of all approved home loans rose to £9.3 billion in October, slightly up from September’s £9..2 billion — although some 20 per cent lower than a year ago.
The average value of approvals, it said, is up 11 per cent on a year ago.
Mortgage approvals hit a record low of 18,262 in November 2008.
Recent Comments