The number of approvals for remortgaging was 35,930, compared to the average of 32,308 over the previous six months. The number of approvals for other purposes was 10,623, compared to the average of 9,404 over the previous six months.
Also in the report were the data on lending secured on dwellings increased by £1.7 billion in April, compared to the average monthly increase of £1.8 billion over the previous six months.Gross lending secured on dwellings was £17.1 billion and repayments were £15.0 billion.
Richard Pike, Phoebus Software sales and marketing director, says:
“After a few months of a fairly stagnant market the figures announced this morning by the Bank of England, showing a 10% increase in month on month approvals, are very encouraging. Many predicted the lull before the election but it appears as though there were other factors that encouraged people to move or get onto the property ladder even before election uncertainty was removed. With all things considered: stamp duty, help-to-buy, low interest rates, higher LTVs and lenders once again willing to lend; the market is ripe for growth. If further predictions for the year are to be believed then we are now in for a more buoyant period, which seems most likely.”
