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Mortgage approvals rose in January

Latest figures from the British Bankers’ Association show the value of mortgage approvals increased from £7.3bn in December 2008 to £7.6bn in January 2009.

In terms of the number of loans taken out, this equates to a 1,230 rise from 22,416 in December to 23,376 in January. Net mortgage lending rose by £2.9bn for the month, representing annual growth of 10%.

David Dooks, statistics director at the BBA, says: “High street banks’ mortgage lending is still seeing double digit annual growth, albeit in a slow market.

“Lower borrowing costs and declining property prices are underpinning demand for mortgages at these lenders.”

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