Mortgage loans at 8-month high

THE number of mortgages approved for house purchase rose to an eight-month high during March as activity in the property market showed signs of picking up, figures have revealed.

A total of 31,660 loans were approved for people buying a new home, five per cent more than during the previous month and the highest level since July last year, according to the British Bankers’ Association.

Despite the improvement, the figure is still 10 per cent lower than the number of loans approved in March last year.