The amount of mortgage approvals in March this year has risen by 4% to 39,230 and according to the figures released by the Bank of England, the rise in mortgage approvals might continue going up.

The total value of all the mortgages that were approved in March came to £4.6 billion, this is a total increase of £900 million on the previous month, however, this increase is not as large as the estimated average of £1.6 billion, or even as big as the increase that we saw in February of £1.5 billion, however, the total amount of money approved through mortgages in March, £4.6 billion which is well over the monthly average.

There was also some encourgaging news from the building societies, the overall amount of mortgages that had been approved in March rose to £1,542 million which is double the amount approved in the previous month.

And finally, there were also figures released by the British Bankers Association regarding lending rates to small businesses. Their figures showed how lending from banks to small businesses had risen by £271 million in March. However, news released by the Treasury Committee contrast with these figures because the Treasury Committee said that small businesses are finding it ever more harder to get the cash that they need for their businesses.

Although these figures may sound good, mortgage approvals in forward thinking and it’s mortgage lending that we should be looking at, the actual mortgage lending in March rose by £800 million which is not as much as anticipated and a lot less than the monthly average of £1.2 billion.

Although all of the above figures are good news for the housing market and economy, there are still worries how house prices could slump again, however, even if the house prices continue to rise, the economy is still in a very fragile state.

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