UK mortgage approvals soar

According to the latest figures from the Bank of England, mortgage approvals in the UK have reached their highest level since March 2008.

Senior Economist, Oliver Gilmartin at the Royal Institution of Chartered Surveyors, said the Bank of England's figures suggested there was “increasing momentum” in the housing market, which would result in further rises in house prices during early 2010.

“Mortgage approvals have now been rising consistently for a year and the latest credit conditions survey from the Bank of England continues to suggest a gradual improvement in the lending environment in the coming months,” Mr Gilmartin told The Financial Times.

Loans for house purchase approvals rose from 57,718 in October 2009 and have more than doubled from 27,330 at the bottom of the market in November 2008.