Mortgage approvals hit ten-month high
property: Mortgage approvals to home buyers climbed to a ten-month high in November in a further sign that a multi- billion-pound scheme to boost lending is having an impact.
Bank of England figures showed there were 54,036 approvals for house purchases during the month worth £8.1bn – the highest number since January last year.
The latest figures add to evidence that a Government initiative launched in August to encourage banks to lend to households and firms by giving lenders access to cheap finance is working.
The number of mortgages on the market has seen a significant increase since the funding for lending scheme began.
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As a result, lenders have been aggressively slashing their rates.
Bank of England's latest survey of lenders found that mortgage availability rose significantly in the final three months of last year, setting a new high since the survey began in 2007.
Banks and building societies have said they expect to ramp up lending significantly in the first three months of this year.
They plan to increase their mortgage ranges for borrowers with smaller deposits.
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