The total amount of mortgage approvals in Jan rose to 39,230 which is a 4% growth on the previous month and according to figures released by the Bank of England, the rise in mortgage approvals might carry on going up.
The total value of all the mortgages that were approved in Jan came to £4.6 billion which is a £900 million increase from the previous month, although this increase of £900 million is not as large as the 6 month average increase of £1.6 billion, it didn't even meet 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 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 rose by £271 million in Jan of this year.This has had a knock on effect of reducing small business insurance premiums for many companies. However, the news releaased by the Treasury Committee say that small businesses are finding it even harder to borrow money that they need.

Although these figures may sound good, mortgage approvals in forward thinking and it's mortgage lending that we should be looking at, the actual mortgage lending in Jan rose by £800 million which is not as much as anticipated and a lot less than the monthly 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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