Mortgage Approvals Up 23%
Mortgage approvals jumped 23% in June compared with May's figures, just 6% lower than June 2008.The Council of Mortgage Lenders' figures show that mortgage approvals was the highest since July last year. The CML seems the mortgage market stabilising, rather than this being a return to a booming housing market.
The figures also show first-time buyers still being squeezed - the average deposit required by lenders in 2008 was 13% - first time buyers are now having to find a 25% deposit.
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