Mortgage approvals rose in April

26 May 2010

Written by Steve Olejnik.

The number of mortgages approved increased by 4.3 per cent in April, according to a report from the British Bankers' Association (BBA).

Although growth has slowed slightly from 4.5 per cent March, there has still been a substantial rise in overall annual lending - which expanded by only one per cent in March.

Commenting on the figures, the Royal Institute of Chartered Surveyors (Rics) said the result is still lower than levels at the end of 2009 but that this was likely due to an increase in activity in the market that occurred during the stamp duty holiday that expired on December 31st.

The latest Rics Housing Market Survey reflects some of the impact of the subsequent decision to raise the threshold to £250,000, the body stated, showing a rise in inquiries from first-time buyers.

Differences in the way people are using their money were also visible in the BBA's report with people paying off debts rather than building despite being in the midst of the main Isa season.

Why not take a look at our best Buy to Let mortgages and make an enquiry online now.