Ways To Get Out Of Debt

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The amount of mortgage approvals in Jan this year has risen by 4% to 39,230 and according to the figures released by the Bank of England, the rise in mortgage approvals might continue going up.
The total value of mortgages approved in Jan came to £4.6 billion which is an increase on the previous month of £900 million, however, this is only a small amount compared to the estimated monthly average of £1.6 billion, or even as large as the increase that was seen in February of £1.5 billion, however, the overall sum of money that had been approved through mortgages in Jan, £4.6 billion, was well over the estimated monthly average.

There was also some encourgaging news from the building societies, the overall amount of mortgages that had been approved in Jan rose to £1,542 million which is double the amount approved in the previous month.

And finally, there were also figures released by the British Bankers Association regarding lending rates to small businesses. They said that their figures showed that lending to small businesses had risen by £271 million in Jan.This has had a knock on effect of reducing small business insurance premiums for many companies. However, these figures do not match with the results that the Treasury Committee released saying how small businesses are finding it harder to borrow money from the banks.

Although these figures sound good, mortgage approvals are seen to be forward thinking, the actual mortgage lending in Jan only rose by £800 million which is far less than expected and a lot less than the 6 month average of £1.2 billion.

Although of the above figures are good news for the economy, there are still concerns that house prices could slump again and take us back to the beginning, however, even if they house prices continue to rise, the economy is still is a delicate state.

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