The increase in the number of mortgage approvals is likely to spell good news for the market, it has been said.
"We think next month it is very likely that approvals will show their first year-on-year rise on a monthly basis since early 2007," noted Sue Anderson, head of member and external relations at the Council of Mortgage Lenders.
She said that mortgage approvals are still low in light of their historical context, but signs of improvement show it is not all doom and gloom.
Ms Anderson recognised there may not be a vast improvement in the market any time soon, although remained optimistic for the coming months.
The Bank of England reported on June 2nd that the number of new mortgage approvals had increased for the third consecutive month.
It announced there were 43,201 new mortgage approvals in April compared to 40,038 in March.
See Also: Property News (6705)
Date Published: 03 June 2009
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