Mortgage Approvals Rise

The Bank of England has reported a rise in mortgage approvals.

The official figures suggest that mortgage approvals increased to the highest level in four months in April.

April saw the UK Banks granting 49,871 mortgages, an increase on the 49,008 approved in March. The figures beat the predictions of economists and are the highest since December of 2009.

Low interest rates are being sighted as the reason for people being able to get onto the property ladder. However, the number of mortgages being approved is still around the 50% mark of the October 2007 boom. November last year saw figures reach 59,531, so it is evident that we still have some way to go.

Although more mortgage products are coming onto the market, it is still a struggle for most still coming out of the recession.