Purchase Mortgage Approvals Slightly Up, Remortgages Down – 26th May 2010

The British Bankers Association has reported that in April mortgage approvals for purchases have risen from just over 35,000 transactions in March to 35,729 mortgages per month, less than one additional transaction for every conveyancing firm in England and Wales. The figures are adjusted for seasonality. Clearly at a time when consumers were anticipating an election any rise can only be positive.
Unfortunately the remortgage market declined from 24,215 per month to 21,580. For those conveyancers heavily reliant on brokers and the remortgage market this decline was significant.
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