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News - 2 March 2012

January mortgage lending looks good

Mortgage lending and mortgage approvals for house purchase in Britain posted a surprisingly strong rise in January; official data showed in a sign that the sluggish housing market is improving.

The figures support forecasts for a pick-up in consumption this year as the housing market is a vital component of consumers' wealth in Britain.

The Bank of England (BoE) said on Wednesday mortgage approvals numbered 58,728 in January, up from an upwardly revised 55,019 in December and well above analysts' expectations for a reading of 53,700. The total number was the highest since December 2009 and the month-on-month increase was the strongest since June 2009.

Tonmoy Kumar, Manager of the Accounts Department of ABDS says:
“Before the 2008 financial crisis, monthly mortgage approvals ran at around 90,000, but the number of home sales has slumped since then.”
The data also showed that credit-card and other unsecured lending remains largely flat. However, the central bank predicts that growth will pick up later this year as consumers start spending more thanks to a fall in inflation, which will ease the squeeze on household budgets.
If you need any help and advice on the implications of Property Ownership, Letting and Taxation, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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