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Monday, April 27, 2009

Hopes of Housing Recovery Dented

Despite rises for three months, figures from the British Bankers' Association (BBA) show that the number of mortgages approved for house purchases fell by 25.3% in the 12 months to March and were down by 7% compared with February 2009.

26,097 mortgages were approved in March, down from 34,920 a year ago.

Last week the Council of Mortgage Lenders (CML) reported that 24,300 mortgages were approved in February, up from 23,400 in January.

As to whether this is a temporary "blip", or an indication that the "rally" was no more than a dead cat bounce, only time will tell.

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