UK Mortgage Approvals Rise to 5 Year High

February 25, 2014 Share Print 0

British banks approved more mortgages in January than in any month since September 2007, just after the start of the financial crisis, data showed on Monday, fueling concern that the housing market may be overheating.

Mortgages for homes purchases rose to 49,972 in January, the highest level since September 2007, from 47,086 in December, the British Bankers’ Association said.

BBA data does not include lending by building societies, which are included in Bank of England data released the following week.

“Following on from last month, mortgage borrowing continues to rise compared to a year earlier as mortgage assistance schemes help first time buyers and housing chains more generally,” BBA Director of Statistics David Dooks said about the data.

via CNBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.