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Mortgage approvals on the up

Friday, 29 April 2005 12:00 AM

The number of mortgages approved for home purchases in March was higher than in any month since August 2004.

However, the total number of mortgage approvals was still considerably lower than at the beginning of 2004, figures from the Bank of England show.

Analysts believe the figures show that the housing market is currently stable, and possibly set to rise again.

Simon Rubinsohn, chief economist at Gerrard, said: "Although well down on the highs seen in the early part of 2004, the recent pick-up in activity should help to underpin house prices in the near term."

Howard Archer, UK economist with Global Insight added: "The further modest rise in mortgage approvals to a seven-month high in March adds to the recent overall evidence suggesting that housing market activity has at least stabilised after slowing markedly in the second half of 2004."

The new data has led the money markets to now believe that there is a 50-50 chance that interest rates will rise on May 9, Mr Rubinsohn explained.

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