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Mortgage approvals rise, industry figures reveal

Tue, 24 Apr 2007

The amount that financial services providers have agreed to lend to homeowners has increased over the past 12 months, according to the latest mortgage figures.

Research from the Building Societies Association, which represents the interest of all 60 UK building societies, indicates that the total value of approvals was £5.7 billion in March 2007.

To put this into context, the comparable figure 12 months earlier was £5.6 billion.

Nevertheless, Adrian Coles, director-general of the association, has suggested that the rise in mortgage lending could decelerate later this year.

"We may see slower growth in mortgage lending in [the] coming months," he said.

"A further rise in rates in May would probably take further heat out of the market later in the year."

Since August 2006, the Bank of England has raised interest rates by a quarter of a percentage point on three separate occasions in order to curb inflation.

This month, it has been revealed that consumer prices index inflation rose to 3.1 per cent in March - the first time it has fallen outside chancellor Gordon Brown's upper limit of three per cent since the Bank gained independence in 1997.

Consequently, many financing analysts have predicted the base rate will increase next month, as many mortgage holders may already be aware.

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