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Mortgage Figures Reflect Strong Mortgage Market

Mon, 30 Oct 2006
British Bankers Association September figures depcit a robust property market .

The latest mortgage figures point to a strong property market in September, with homeowners shrugging off the increased cost of borrowing .

3% more mortgages were approved for those buying homes in September 2005, with these loans being worth 11% more altogether.

Your average mortgage approval in September was £140,400, 8% higher than 2005, with 183,090 mortgages approved by BBA members, worth £19.3 bn.

These mortgage approval statistics provide further evidence that the housing market is buoyant, being supported by a stronger economy.

House price increases are due to rise consistently, although the excpected November interest rate rise is likely to take some steam out of the housing.

£17.9bn was loaned by BBA members in September, with equity release mortgages and remortgages down on 2005.
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