Liquid error: wrong number of arguments (2 for 1) Mortgage approvals up nearly 15% year on year for March - BoE | Marsh & Parsons Sales and Lettings Estate Agents London

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Mortgage approvals up nearly 15% year on year for March - BoE

Thu 28 Apr 2016

More than 135,000 mortgages were approved last month, up 14.5% on March 2015 according to statistics
released by the Bank of England today. In total, 135,443 loans secured against dwellings were approved, 17,182
ahead of March 2015.Comparing the first three months of this year to last year, there have been 21% more loan
approvals so far in 2016.The number of loan approvals for house purchase was 76,996 in March, ahead of the
65,360 average for the previous 23 months. For remortgages, the number of approvals was 44,521, ahead of the
the 23 monthly average of 35,194. The number of approvals for other purposes was 13,926, compared to the
average of 10,601 over the previous 23 months.Comparing seasonally adjusted values, March was behind for
February on approvals for house purchase, and marginally ahead of February for remortgages and appovals for
other uses.David Brown, CEO of estate agents Marsh & Parsons, said: "This was by no means a typical quarter.
Activity in the opening three months of this year has been exceptionally skewed by the additional layer of Stamp
Duty for both buy-to-let and second-home purchases."Naturally, the knee-jerk reaction among these groups has
been to hurry through property purchases before the deadline, and make savings while they can. Second-home
owners really jumped to it this spring, and were much more prominent in the market than we would typically
expect."Now that the ruckus has passed, well see much more orderly transactions over the summer months, as
the market rebalances towards first-time buyers and other owner-occupiers for whom it will just be business as
usual."

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