BBA mortgage approval figures released

28-Apr-2009

The latest mortgage approval figures, which include home loans granted for first-time buyers, have been released by the British Bankers' Association (BBA).

Despite there being a number of people in the UK looking for their first property, the organisation stated that the approval rate dropped in March.

It is the first time in four months that there has not been an increase in approvals reported by the BBA, and it comes during a period where first-time buyers are struggling to get on the first rung of property ladder.

However, according to the Royal Institution of Chartered Surveyors (Rics), the figures should not prompt panic in the market.

Rics claims its research has indicated that there will be an upturn in the number of property transactions in the UK later this year.

"Crucially, the Rics new-buyer enquiries series rose further last month and our suspicion is that this will translate into higher transactions levels over the coming months notwithstanding the drop in mortgage approvals in March," the group stated.

Last week, the regulatory organisation welcomed the fact that the government had introduced a new Homeowner Mortgage Support Scheme to help people struggling to pay their home loans.

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