The amount of mortgage approvals in Jan this year rose from around 38,000 to 39,230 which is a 4% rise on the previous month and according to the figures released by the Bank of England, the rise in mortgage approvals might continue going up.
With the extra 4% approved mortgages, the total cost of all the mortgages in Jan came to £4.6 billion which is a £900 million increase from the previous month, although this increase of £900 million is not as large as the 6 month average increase of £1.6 billion or even as large as the February increase of £1.5 billion, although, the total sum of money approved through mortgages in Jan, £4.6 billion, was much higher than the monthly average calculated from the previous 6 months figures.
There was also some good news from the building societies, the overall amount of mortgages approved by them has risen to £1,542 million compared to the previous month’s approvals of £742 million. (more…)