The UK’s banks approved 35,276 applications for house purchase loans, which is an increase compared to January’s total of 35,154.

Moreover, the value of the average house acquisition approval in February soared to £140,800, which is 11.5% more than in the same month of 2009.

Nevertheless, gross lending didn’t stage a recovery from the previous half year average of £9.2 billion and experienced a 5.2% decline on a year earlier.

Furthermore, February’s gross mortgage lending failed to reach the preceding six month average of £3 billion and constituted only £2.8 billion.

Remortgaging amount saw an insignificant decline on January (21,101 compared to a half year average of 21,945). Only 17,347 applications for equity release and other mortgage loans were approved, whereas a previous half year average numbered 18,887 approvals.

According to the comments of David Brooks, the BBA’s statistics director, high street banks remain the major providers of new mortgage lending , in spite of the volume of approvals being still reduced after the stamp-duty change in the end of the year.


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The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

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